| NAR's 2008 Forecast | |||
| year | 2006* | 2007** | |
Interest Rates | |||
| 30-year fixed*** | 6.4% | 6.4% | 6.5% |
| Home Sales | |||
| Existing-home price increases | 1.0% | -1.7% | 0.0% |
| Existing-home sales | 6.5 million | 5.7 million | 5.7 million |
| New-home sales | 1.1 million | 796,000 | 693,000 |
Multifamily | |||
| Vacancy rate | 5.9% | 5.9% | 5.6% |
| Rental rate change | 4.1 | 2.9 | 3.8 |
| Net absorption (units) | 229,428 | 209,153 | 234,398 |
Office Space | |||
| Vacancy rate | 12.5% | 12.9% | 12.4% |
| Rental rate change | 5.2 | 6.1 | 3.1 |
| Net absorption (square feet) | 78.0 million | 53.8 million | 65.1 million |
Industrial Space | |||
| Vacancy rate | 9.4% | 9.6% | 9.4% |
| Rental rate change | 1.4 | 3.9 | 3.7 |
| Net absorption (square feet) | 202.8 million | 125.0 million | 165.6 million |
Retail | |||
| Vacancy rate | 8.1% | 9.3% | 8.9% |
| Rental rate change | 3.9 | 2.9 | 1.0 |
| Net absorption (square feet) | 10.7 million | 12.1 million | 19 million |
Economic Indicators | |||
| Inflation rate | 3.2% | 2.8% | 2.8% |
| Gross domestic product | 2.9% | 2.1% | 2.8% |
| Unemployment rate | 4.6% | 4.6% | 4.9% |
* Estimated. ** Projected. *** Average for year | |||
Rainer
6,568
6,568
Chris Quinn
Residential Real estate Sales
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