By Association president says home buyers getting great deals now
The National Association of Realtors® is forecasting modest near-term movement in existing home sales, “with a recovery in sales seen during the second half of the year.”
The association released the forecast this week. It projected that sales of existing homes will grow to an annual pace of 5.75 million in the fourth quarter from 5.01 million in the second. A 5 percent increase in existing home sales is expected next year, the association says.
The report showed the Pending Home Sales Index fell 4.7 percent to 84.7 in May compared to 88.9 in April. It is 14 percent below the May 2007 reading of 98.5.
“The overall decline in contract signings suggests we are not out of the woods by any means,” said Lawrence Yun, NAR chief economist. “The housing stimulus bill that is still being considered in the Senate is critical to assure a healthy recovery in the housing market, jobs and the economy.”
NAR President Richard F. Gaylord says the current market is offering immediate benefits for many buyers. He also notes that sharper consumer price gains could mean higher mortgage interest rates next year.
The association also forecast that sales of new homes are likely to drop 32.3 percent to 525,000 in 2008.
For more information, please click here.
See Also
- NAR press release on home sales
Home sales to rise in second half, association says - The National Association of REALTORS®
NAR represents 1.2 million members involved in the residential and commercial real estate industries - Intero Real Estate Services
Intero has over 60 offices with more than 2,200 sales associates serving Arizona, California, Colorado, Florida, Hawaii, Nevada and Texas.
