Orlando, FL, Nov. 12, 2012 -- National Association of Realtors Chief Economist Lawrence Yun predicts that home prices will increase 15% over the next three years.
Speaking at the NAR annual conference, Yun noted that housing supply is relatively scarce and home building is still depressed and not keeping up with population growth.
Yun predicts that home construction will increase to 1.3 million units by 2014.
“Builders need to add more,” Yun said. “We need to moderate the price growth.”