NAR Forecast: Brighter Days Ahead

The National Association of Realtors (NAR) reports the following:

“Home prices are expected to recover in 2008 with existing-home sales picking up late this year and new-home sales rising early next year, according to the latest forecast by the National Association of Realtors (NAR).

NAR says that existing-home sales are expected to total 6.11 million this year and 6.37 million in 2008, down from 6.48 million last year. New-home sales are projected at 865,000 in 2007 and 878,000 in 2008, compared with 1.05 million in 2006. Housing starts, including multifamily units, are forecast at 1.43 million units this year and 1.44 million in 2008, down from 1.80 million last year.

NAR says existing-home prices are likely to rise 1.8% to a median of $222,700 in 2008 after a 1.4% decline this year to $218,800. The median new-home price should rise 2.2% to $245,400 next year following a 2.6% drop in 2007 to $240,100.”

For more information on this report please visit The National Association of Realtors website.

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