June 7, 2007
It's worse than we thought
By Cory Hopkins
The National Association of Realtors predicted today that home sales and prices will fall faster this year than originally expected.
The NAR predicted total home sales would come in at 6.18 million this year, down from the 6.29 million sales predicted last month.
This is the fourth straight month the NAR has cut down its sales forecast.
The group also said the median price of new homes would dip 2.3 percent to $240,800 this year, one month after predicting prices would remain flat for the year.
A rough first half of the year will give way to a more prosperous second half, according to NAR officials.
"Home sales will probably fluctuate in a narrow range in the short run, but gradually trend upward with improving activity by the end of the year," said Lawrence Yun, senior economist for the NAR.
The NAR predicted total home sales would come in at 6.18 million this year, down from the 6.29 million sales predicted last month.
This is the fourth straight month the NAR has cut down its sales forecast.
The group also said the median price of new homes would dip 2.3 percent to $240,800 this year, one month after predicting prices would remain flat for the year.
A rough first half of the year will give way to a more prosperous second half, according to NAR officials.
"Home sales will probably fluctuate in a narrow range in the short run, but gradually trend upward with improving activity by the end of the year," said Lawrence Yun, senior economist for the NAR.
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