NAR Raises Forecast for 08

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The revised monthly forecast from the National Association of Realtors, which followed nine straight months of downward revisions, calls for U.S. existing home sales to fall 12.5 percent this year to 5.67 million - the lowest level since 2002. Last month, the association predicted 5.66 million existing homes would be sold this year.

The Realtors' group also forecast sales will rise slightly in 2008 to 5.7 million, up from last month's prediction of 5.69 million. The Realtors group also said the median price for U.S. existing homes - the point at which half sold for more and half for less - will sink by 1.9 percent to $217,600 this year and rise 0.3 percent next year to $218,300.

NAR Forecast Bucks Conventional Wisdom

Comments (1)

Kay Perry
Kay Perry, Broker - College Station, TX

We need some good news.  Think I'll go read this report.

Dec 10, 2007 04:50 AM