National Real Estate Market Showing “Signs of Life”


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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