Even as higher interest rates are expected to reduce demand for mortgage refinancings, credit unions expect strong real estate volume from buyers seeking mortgages and owners tapping into their equity.

Credit union officers and industry analysts credit a continuing strong housing recovery.

On Tuesday, the National Association of Realtors reported that existing homes sold in October at a rate unmatched since the pre-recession month of February 2007. It also reported existing homes sold for a median price of $232,200 in October, 6% higher than a year earlier and marking the 56th consecutive month of year-over-year price gains.