HOME SALES EXPECTED TO REACH RECORD HIGH THIS YEAR

Existing-home sales are expected to jump 7.9 percent to 6.58 million in 2004, which tops last year's record, NAR recently reported in its year-end forecast. Reasons for the upwardly revised estimate include stronger than expected home sales and higher median prices. The Association also projects new-home sales to rise 8.9 percent to 1.18 million this year.

While NAR foresees a strong housing market in 2005, it predicts that the current sales pace will decline slightly. For 2005, NAR anticipates existing-home sales to reach 6.38 million units, which would be the second-highest level on record, and new-home sales to be 1.13 million units, just shy of the record expected this year.

"We're setting our fourth consecutive record year for existing-home sales, and even with strong fundamentals such as household growth, low interest rates and an improving economy, we simply can't set records every year," said David Lereah, NAR's chief economist.

From December 15, 2004 C.A.R. Newsline

Reprinted with permission of the CALIFORNIA ASSOCIATION OF REALTORS®

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