Home prices should continue to increase although sales may slow, according to the National Association of REALTORS®’ chief economist.

Dr. Lawrence Yun told those attending a session on the housing market on Friday at the REALTORS® Conference & Expo in Boston that any talk about a recession is overblown. In fact, all indicators are that there will be no recession in 2019, and the economic data he studies show areas of strength.

He expects home prices to rise a modest 3.1 percent in 2019, while sales will post a more sluggish one percent increase.

Yun, who headline the session characterized the market as “boring,” in that there would not likely be substantial data swings.

Among factors shaping the economy are:

• Unemployment is at exceptionally low levels, and wages are slowly rising.
• Late stage mortgage delinquencies are not a problem, and the number of homeowners is growing.
• Rent growth is topping off, and is less strong than it has been.
• There is still a shortage of houses on the market which means there does not appear to be any danger of a “price plunge.”

Interest rates are expected to continue to rise, but Yun said inflation seems to be under control. There will likely be a rate increase in December by the Federal Reserve, and perhaps two additional rate hikes in 2019.

When looking at the market a decade ago versus what REALTORS® face today, “the market is fundamentally different,” Yun said.