NAR FORECASTS RECORD EXISTING-HOME SALES THIS YEAR

Greater than expected sales of existing homes in the first seven months of this year will help set a record for annual existing-home sales, according NAR. Existing-home sales will increase about 6.5 percent this year to 6.5 million. New-home sales also are expected to rise to a record 1.16 million this year, up 7.1 percent from 2003. Housing starts are forecasted to increase 4.8 percent to 1.94 million in 2004, the strongest pace since 1978.

Though NAR projects the 30-year fixed-rate mortgage to slowly rise to 6 percent in the fourth quarter, the average rate for the entire year should be 5.9 percent, the second-lowest annual average since the mid-1960s. The lowest rate in recent years was 5.8 percent in 2003.

The national median existing-home price for all of 2004 is expected to rise 7.5 percent to $182,700. At the same time, the median new-home price will grow by 8.9 percent to $212,300, according to NAR.

From September 9, 2004 C.A.R. Newsline

Reprinted with permission of the CALIFORNIA ASSOCIATION OF REALTORS®

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