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NAR projects 6.4% drop in existing-home sales

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A National Association of Realtors index tracking pending sales of existing homes increased 4.3 percent in August but fell 20.1 percent compared to the same month last year, the trade group announced today. NAR's latest economic forecast, also released today, anticipates a 6.4 percent drop in existing-home sales this year compared to 2009, to 4.82 million, with the median price of existing homes up 0.2 percent, to $172,900. NAR forecasts existing-home sales to rise 7.1 percent in 2011 and 4.3 percent in 2012, with the median price up 0.5 percent in 2011 and 2.3 percent in 2012. In a previous forecast, released last month, NAR projected a 4.8 percent drop in existing-home sales and a 0.1 percent rise in the median existing-home price. That earlier report also forecast existing-home sales to grow 10.7 percent in 2011 and 1.1 percent in 2012, and for the median price of resale homes to rise 0.9 percent in 2011 and 2.1 percent in 2012. In NAR's latest forecast, new single-famil...