BrokerageIndustry News

NAR: Tax-credit expiration to steal wind from real estate sales

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

The National Association of Realtors has lowered expectations for sales of U.S. resale homes in 2010, according to its latest forecast report, released Tuesday -- but sales are still expected to rise this year compared to 2009. Sales of previously owned homes are expected to rise 4.3 percent in 2010, which represents a decline from an earlier forecast of 6.5 percent, released last month April. But NAR upped its expectations for sales of resale homes in 2011: Sales are forecast to grow 5.1 percent in 2011, vs. an earlier forecast for a 3.7 percent increase. NAR also lowered its forecast for home-price increases, which anticipates a 2.5 percent rise this year and a 3.7 percent rise next year in the median resale home price. That compares with expectations for a 2.7 percent increase in 2010 and a 4.3 percent increase in 2011 in NAR's previous forecast. The latest forecast anticipates a 6.9 percent rise in new single-family home sales this year and a 42 percent rise in 2011 (c...