A poll conducted by Reuters has shown that respondents expect the house sales growth that has been experienced over the course of 2012 to continue into 2013, with the market expected to receive a further boost should the Fed buy any mortgage-backed debt.
One economist, Scott Brown from Florida, said: "We still have years to go for a full recovery." There was no denying, however, that a recovery is indeed underway. Paul Diggie, who is an economist in London, added: "Further lowering the cost [of credit] is unlikely to have a material benefit."
The Reuters poll expects house prices to rise by a further 2.5% over the course of 2013, which is a rise from the projected 1.8% witnessed in a poll taken in July. Consumer prices are also expected to see their value rise by around 2% over the same period.
Although the market is still expected to keep recovering, it might not be all plain sailing. An economist from the University of Central Florida, Sean Snaith, said: "Without a substantial improvement in the labor market, the housing market will continue to struggle."
Although sales are seen by some as weak, they are strengthening and home sales figures are expected to be at 4.55 million for the third quarter of 2012 and 4.7 million for the final quarter, and the 30-year mortgage rate average is expected to come in at around 3.72% this year.
History shows that it has been the housing market that has traditional led the US out of a recovery, and experts are hoping that this will continue to be the case.
