NAR PUTS 2007 EXISTING HOME SALES AT 5.92 MILLION UNITS

The latest housing forecast by the NATIONAL ASSOCIATION OF REALTORS® puts sales of existing homes for 2007 at 5.92 million units, down from 6.48 million in 2006. NAR is predicting a modest recovery in 2008 with projected sales of existing homes of 6.27 million. NAR is also projecting a 1.7 percent decline in the median existing home price for 2007 to $218,200, but is forecasting a 2.2 percent increase in 2008 to $223,000.