BrokerageIndustry News

NAR expects 6.5% rise in homes sales

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The National Association of Realtors lowered its existing-home-sale projections for 2010 and increased those for 2011 in its latest monthly market forecast, released Thursday. The association expects sales of resale single-family homes, condos and co-ops to rise 6.5 percent in 2010, down from February's forecast of 9 percent. NAR expects a 3.8 percent increase in 2011, up from February's forecast of 0.6 percent. The association also downwardly revised the annual percentage rise of resale home sales in 2009 to 4.9 percent, from 5.7 percent in its February report.The association adjusted single-family new-home sales to a 22.8 percent decline in 2009, up slightly from an earlier estimate of a 22.6 percent decline. New single-family home sales are projected to sink 12.4 percent in 2010, which compares to an 18.8 percent projected decline in the February forecast. NAR forecasts a 49.4 percent rise in new single-family home sales in 2011, down from its previous forecast for a 42.9 percent ...