Industry News

Realtors revise expectations for record real estate year

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The latest annual forecast by the National Association of Realtors calls for an even stronger record year for housing than earlier predicted. Existing-home sales are expected to reach 6.97 million this year, a 2.8 percent gain over last year's record mark of 6.78 million. That's an improvement over last month's projection, which called for 6.89 million existing-home sales this year. New-home sales are expected to increase 3.2 percent to 1.24 million in 2005, also a record, the association announced today. Total housing starts – single-family and multifamily – are forecast to grow by 5 percent to 2.05 million units, the second highest on record; the peak was 2.36 million in 1972. This year is expected to be a record for single-family construction, with 1.68 million homes started. David Lereah, NAR's chief economist, said that in each month of 2005 the forecast has been looking stronger than in previous projections. "Earlier this year, we expected 2005 home sales to be ...