National Real Estate Market Showing “Signs of Life”

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The National Association of Realtor’s (NAR) chief economist, David Lereah, says the housing market is “showing signs of life” and says, “Many potential home buyers who have been taking a wait-and-see attitude or taking their time and being methodical in the search process are being enticed by lower home prices.” He continues, “Given a positive economic backdrop of lower interest rates and job creation, we expect sales acivity to pick up early next year.”

Existing-home sales are expected to drop 8.9% from last year, still making 2006 the third strongest year for sales behind the record-setting pace of 2004 and 2005. The national median home sale price is expected increase 1.6% to $223,000 in 2006, while the median new-home sales price is expected to drop 0.2% to $240,500, mostly due to home builders offering incentives to move unsold inventory.

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