The real estate industry has a significant role in the U.S. economy. Historically, real estate and related industries accounted for roughly 18% of GDP. While the economy slumped following the decline of the housing market, record low mortgage rates in 2012 and 2013 touched off a resurgence of home sales growth. As a result, prices have improved, boosting buyer confidence and spending on housing and related goods and services.
WASHINGTON (April 22, 2014) – Existing-home sales were essentially flat in March, while the growth in home prices moderated, according to the National Association of Realtors®. Sales gains in the Northeast and Midwest were offset by declines in the West and South.
The questions and answers in this quiz were taken from the 2014 Home Buyer and Seller Generational Trends survey. This annual survey conducted by the NATIONAL ASSOCIATION OF REALTORS® provides insight into, and detailed information about, generational trends of home buyers and sellers.