Existing-home sales are forecasted to rise 7.4% in 2015 behind a strengthening economy, solid job gains and a healthy increase in home prices, according to NAR Chief Economist Lawrence Yun. "Home prices have risen for the past three years cumulatively about 25%, which boosts confidence in the market and traditionally gives current homeowners the ability to use their equity buildup as a downpayment towards their next home purchase," says Yun.

Yun also predicts median home prices to increase 4%; new home sales to increase 37%; and rental rates to increase 4%.

Despite his forecasted increase in sales, Yun cites the anticipated rise in interest rates, lenders being slow to ease underwriting standards back to normalized levels, and homeowners unwilling to move because they are comfortable with their current low interest rate as potential speedbumps that could slow the increased pace of sales this year.