Industry NewsMarkets & Economy

NAR lowers 2008 price forecast

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The following is a real estate news roundup: NAR: Resale home price may fall 6.4% this year The median resale home price is expected to fall 6.4 percent this year, the National Association of Realtors reported today -- that drop is 4 percent larger than the group's previous forecast for a 2.4 percent decline, released in May. The Realtor trade group's latest forecast also anticipates a 4.5 percent annual drop in existing-home sales this year, followed by a 6.3 percent rise in sales in 2009. Single-family housing starts are expected to plunge 36.3 percent this year and another 1.8 percent in 2009, NAR reports, with the median new-home price dropping 3.1 percent this year. Pending sales index rises in West An index that gauges pending sales of resale homes fell 13.1 percent compared to last year, the National Association of Realtors reported today, but was up 6.3 percent from a record low set last month. NAR's Pending Home Sales Index, which is based on home-purchase contr...