Us property sales to increase in coming months

US property sales are predicted to increase in the coming months by the National Association of Realtors.

Pending sales of US homes improved slightly in November, marking the third month of annual increases in a row, according to the NAR, with all regions except for the Midwest experiencing a rise in activity.

"The consistent economic growth and steady hiring we've seen the second half of this year is giving buyers enough assurance to consider purchasing a home before year's end," says Lawrence Yun, NAR chief economist. "With rents now rising at a seven-year high, historically low rates and moderating price growth are likely to entice more buyers to enter the market in upcoming months."

Yun also notes that falling gas prices will likely boost consumer confidence and allow prospective buyers the opportunity to save additional money for a downpayment. NAR's 2014 Profile of Home Buyers and Sellers (released in November) found that the median downpayment ranged from 6 percent for first-time buyers to 13 percent for repeat buyers.

"There's still misperception out there that a much higher downpayment is needed, while that's not the reality," he adds.