The US housing market will resume its recovery in 2015 after a ‘disappointing’ year as sales accelerate, construction increases and mortgage credit eases, according to a Bloomberg survey of 25 economists and analysts.

New home sales will jump 16% to 510,000 and sales of existing homes will climb 5% to 5.21m, according to the median estimates. Housing starts, including apartments, will increase 15% to 1.15m units. Starts, which last surpassed 1m in 2007, were on an annual pace of 1.03m in November, the Commerce Department recently reported.

The survey is based on e-mail responses submitted between late November and early December from economists, industry analysts and academics, to questions about the housing outlook after a year of slow growth. The results indicate the market will withstand rising interest rates as it enters its fourth year of recovery since the housing crash, even as the pace of new construction and sales remain below long-term averages.

However, the homeownership rate will continue to drop, down to 64%, the lowest level since 1994, according to the median survey response, and down from a June 2004 high of 69%.