NAR lowers sales, construction forecast

Real estate brief

In a forecast released today, the National Association of Realtors lowered its expectations for existing-home sales to 5.02 million in 2008 and new-home sales to 487,000 as unemployment concerns grew.

These figures are down from expectations one month ago of 5.04 million resale homes and 503,000 new-home sales in 2008. NAR expects existing-home sales to rise to 5.32 million next year and 5.62 million in 2010, while it sees sales of new homes falling to 413,000 next year and growing to 520,000 in 2010.