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Although the market is relatively soft now, home sales activity is expected to show a gradual upturn by the end of the year, according to NAR. Existing-home sales are projected to total 6.18 million in 2007 and 6.41 million next year, in contrast with 6.48 million in 2006. The national median existing-home price should ease by 1.3 percent to $219,100 in 2007 before rising 1.7 percent next year. Lawrence Yun, NAR’s senior economist, reminded buyers that housing is a long-term investment. “Those who are looking for a get-rich-quick scheme are likely to be disappointed,” he said. “Over time, investing in a house will help to build a nice nest egg, especially for buyers using a traditional mortgage instrument that reduces debt,” Yun added.
View forecast table.>
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NAR's Pending Home Sales Index dropped to 101.4 in April, down 10.2 percent from a year ago and 3.2 percent below the March index. The index was down in all regions but the South, where it crept up a slight 0.7 percent from March to April. Lawrence Yun, NAR’s senior economist, said the impact of subprime lenders shutting their doors appears to be diminishing and mortgage applications have risen in the last month. “This tells us that some borrowers who originally planned to finance with subprime mortgages are finding suitable loans in the conventional market, which will help to stabilize home sales,” he said. Read more.>
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Get up-to-date market statistics on home sales, housing starts, retail sales, mortgage rates, economic growth and more -- all in one place. Check out the Economic Indicator page on Realtor.org for a snapshot of the most recent market and housing statistics. Each indicator includes a one-page summary for downloading. Look like a whiz kid in your next listing presentation! Check them out!>
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Walk-in closets, central air conditioning and bedrooms on the main level were among the features buyers said they would pay more for in a house, when NAR conducted the first Profile of Buyer's Home Feature Preferences in 2004. Other important home features mentioned in this first-of-its kind survey were patios, oversized garages, cable or satellite TV-ready homes, fencing and separate showers in the mater bath. In the new version, due out in late July, NAR analysts will compare notes, expand on the information collected and report on what’s important to today’s buyers. Watch for it at the REALTOR® Store.>
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Would you leave one-third of your business to chance? If you don’t find out all you can about today’s first-time buyers, which comprised 36 percent of all home sales last year, that’s exactly what you’d be doing. NAR’s new Profile of First-Time Buyers, due out in August, will provide insights into how first-time buyers shop for homes, what they expect from their real estate professional, what kind of financing they’re after, and even how long they plan to stay in their first home. Watch for it at the REALTOR® Store.>
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Imagine getting an instant daily snapshot of home sales, prices and inventories all in one convenient online visit. NAR’s new Housing Market Tracker will debut on Realtor.org later this summer giving visitors easy-to-read and fun-to-watch measurements of the nation’s existing-home sales market. The first phase will provide daily and weekly tracking measurements based on real-time data from the nation’s Multiple Listing Services. The second phase will provide a ticker with up-to-the minute housing statistics displayed in a scrolling format similar to today’s stock-market readings. Watch for it!>
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Record level investment in commercial real estate is keeping this side of the real estate business strong and upward bound, according to NAR's second-quarter Commercial Real Estate Outlook. The overall office market is booming, the industrial sector is holding its own, retail is a big sluggish, while apartments are strong with some condo conversions reverting to rental. Outside of the hospitality sector, a record $157 billion was invested in commercial real estate in the first four months of 2007, up from $97 billion in the same period of 2006. Read more.>
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If you couldn't experience in person the dynamic presentations given by NAR Senior Economist Lawrence Yun and other industry experts at the residential and commercial forums during NAR's Midyear Meetings in DC last month, you can now check them out online. The next best thing to being there is to take a look at the slides on your own computer. In addition to the forums, you’ll find presentations from other Midyear sessions on market conditions, demographics and research tools. View/Download.>
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Report compiled by NAR's Research Division.
Questions about this report? Contact Research at ljohnson@realtors.org. |
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