Housing activity has strengthened in recent months. Indeed, gains in both new and existing home sales in May pushed total sales up to their highest level in eight years. Strong growth in jobs and incomes, a long-overdue upturn in mortgage lending and high levels of consumer confidence should ensure that this strength continues. From 5.4m in 2014, we expect total home sales to average at least 5.7m this year, before rising to around 6m by 2017. That would be the strongest performance of home sales in 10 years.
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