WASHINGTON - The prices of existing and new homes are expected to bounce back next year after a dreary 2007, a real estate trade group said Wednesday.
The National Association of Realtors also said it expects existing-home sales to rise to nearly 6.4 million in 2008, up from the 2007 estimate of more than 6.1 million. Nearly 6.5 million existing homes were sold in 2006, the association said.
As for new homes, sales are projected at 865,000 in 2007 and 878,000 next year, but the 2008 projection would still be down more than 20 percent compared with the nearly 1.1 million new homes sold in 2006.
Source: Associated Press
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The main reason?
The law of supply and demand. The number of new constructions fell from 1.1 million in 2006 to a projected number of 865,000 this year, so it is expected that next year the supply will be short. This will put existing homes back in the market.
What do you think?
Coldwell Banker - Coral Springs, FL
Coldwell Banker - Stamford, CT
REALTOR = Residential Real Estate
Each neighborhood may be different. And I have seen some zip codes in the area still doing OK, while other continue to show "adjustments".
Thanks Steven for your reply.
Jul 29, 2007 06:19 AM
Anonymous
Who really knows? I wouldn't believe anything the Realators Assoc. says. They have only one interest, to make things sound great or getting better. Several years ago 2004, the president of Century 21 was the main speaker at Realators conference. He said Florida would be booming for another 10 years. Well, have you looked at Florida lately.
Aug 22, 2007 07:15 AM
#3
THE JMTEAM NETWORK - Destin, FL
CCIM, CCP, International Commercial Broker
I wish I had the crystal ball! I think we still have a long way to go
JM Padron, CCIM
Dec 02, 2010 12:36 AM
Rainer
12,408
12,408
Nestor N. Romero
REALTOR = Residential Real Estate
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