Industry News

Existing-home sales expected to remain flat in ’07

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Existing-home sales are expected to drop slightly this year compared to 2006, according to the latest National Association of Realtors housing market forecast, and to rise in 2008. There were 6.48 million existing-home sales in 2006, which is the third-highest sales total on record. This year the association projects 6.48 million existing-home sales, followed by 6.64 million sales in 2008. New-home sales, after reaching the fourth-highest level on record at 1.06 million in 2006, are projected to fall to 961,000 this year and then rise to 971,000 in 2008. David Lereah, chief economist for the Realtor group, said in a statement, "After reaching what appears to be the bottom in the fourth quarter of 2006, we expect existing-home sales to gradually rise all this year and well into 2008. New-home sales should continue to slide, but we look for that sector to turn around later in the year." While home sales "may appear weak in comparison with the record surge in 2005," Lereah said that...