“NAR projects gradual upturn in late 2007
Home sales are expected to move in a “relatively narrow
range” with a gradual upturn by the end of the year, according
to the latest forecast from the National Association of
Realtors (NAR).
“Overall housing levels are historically strong, but sales
remain sluggish compared to the recent boom,” said Lawrence
Yun, NAR senior economist.
The NAR reports that existing-home sales are projected to
total 6.18 million in 2007 and 6.41 million in 2008, in contrast
with the 6.48 million sales recorded in 2006. New home sales
are forecast at 860,000 this year and 901,000 in 2008, down
from 1.05 million last year.
The national median existing-home price should drop by 1.3
percent to $219,100 in 2007 before rising 1.7 percent next
year. The median new home price will probably fall 2.3 percent
to $240,800 this year, and then grow by 2.6 percent in 2008,
the NAR reports.”
I’m not even going to comment on their “optimism” but I will point out two front page articles on MSN completely countering any logic in these statements:
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