Wednesday, June 14, 2006

National Association of Realtors® (NAR) reports on Home Sales

The NAR is predicting a calmer real estate market for 2006:
"Existing-home sales are projected to drop 6.8 percent to 6.60 million this year from the record 7.08 million in 2005. New-home sales are forecast to fall 13.4 percent to 1.11 million from a record 1.28 million in 2005. Housing starts are likely to decline 6.2 percent to 1.94 million in 2006 compared with 2.07 million last year."

Stating that rising interest rates have had an impact on the market, and job growth has effected others, the most likely scenario is for "The national median existing-home price for all housing types is forecast to rise 5.3 percent this year to $231,300."

To read more: 2006 Home Sale Predictions

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