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NAR: Median resale home price to fall 2.4% in ’08

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The National Association of Realtors has lowered its expectations for resale home prices in its latest forecast, which anticipates a 2.4 percent price drop this year. The median price of resale homes is expected to be $213,700 this year and the median new-home price is expected to fall 3.7 percent to $238,000. In its previous forecast released last month, the Realtor trade group had anticipated a resale median price drop of 1.4 percent and a new-home price decline of 3.6 percent in 2008 compared to 2007. Single-family housing starts are expected to decline 37.5 percent this year, while the group expects new single-family sales to fall 30.9 percent and resale home sales to fall 4.7 percent this year compared to last year. The forecast report calls for 5.39 million resale home sales this year and 5.72 million in 2009. The group also anticipates 536,000 new single-family home sales this year, down from 775,000 in 2007, and a rise to 590,000 sales in 2009. New single-family ho...