NAR forecast: Existing-home sales to drop 6% in '06

New-home sales projected to fall 10.9%

The premier event for luxury agents and brokers
Luxury Connect | Oct. 16-18 | Beverly Hills

Existing-home sales are projected to drop 6 percent to 6.65 million this year from a record 7.08 million in 2005, according to the latest annual forecast by the National Association of Realtors trade group.

New-home sales, meanwhile, are projected to fall 10.9 percent to 1.14 million from the record 1.28 million last year – both sectors would see the third best year following 2005 and 2004.