National Association of Realtors® (N.A.R.) releases 2005 housing forecast
The N.A.R. is predicting home sales will benefit from a slower than anticipated rise in mortgage interest rates. The chief economist for the N.A.R. projects that 30 year fixed interest rates will go up this year to 6.4%, and continue to rise in 2006. In our opinion, that's still a great rate!
Other predictions are:
* "The national median existing-home price for all housing types is forecast to rise 7.1 percent this year to $198,400"
* "The median new-home price is expected to increase 5.1 percent in 2005 to $232,300."
* "Sales of existing-homes, including single-family and condo, will be close to last year’s record, slipping only 1.2 percent to a total of 6.70 million in 2005."
* New home sales - "...a decline of 2.5 percent to 1.17 million this year."
To read more online, go here.