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 JAN 14, 2007
NAR Reports: Gradual Increase in Home Sales Through 2008
After sales figure of existing homes hit bottom in the 4th quarter of last year, they are now projected to slowly increase throughout 2007 and into 2008. New Home sales are expected to see a turn around by the summer of this year. These are the most recent predictions published by the NAR (National Association of Realtors.)


The chief economist for the NAR, David Lereah believes that sales for existing homes in the New Year will be comparable to those in 2006.

Lereah brings attention to the fact that the 1st quarter market of last year was experiencing a high volume of sales with price appreciation in the double-digit figures. It is anticipated that with the low point that 2007 is starting out in; with a gradual improvement throughout 2007, annual totals should be a wash when compared to 2006.

The good news amongst all the recent prediction and speculation is that any steady market improvement in sales will support appreciation of home prices.

It is predicted that 2007 will see the sale of 6.42 million existing home. 2006 sales figures came in at the third highest on record with a total of 6.50 million transactions. 957,000 new homes are expected to be purchased in 2007, while 1.06 million were sold throughout 2006. 2006 figures came in at the fourth highest on record.

1.51 million housing starts are expected in 2007; the lowest predicted number in a decade. 2006 figures are expected to come in at 1.81 units. Builders are faced with having to cut back on new home starts in order to support the prices of their remaining inventories.

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