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Buyers now have an overwhelming advantage given the wide selection of homes available in many markets, according to NAR's latest forecast. "But with profit margins coming under pressure, homebuilders will limit new construction well into 2008. This should help the overall inventory level to move steadily into a more balanced state," said NAR's Senior Forecast Economist Lawrence Yun. Existing-home sales are expected to total 6.11 million this year and 6.37 million in 2008, down from 6.48 million last year. Prices are likely to rise 1.8 percent next year after a 1.4 percent drop this year. View forecast table.>
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While NAR's Pending Home Sales Index (PHSI) dropped 3.5 percent in May to 97.7, the West and Northeast showed a different story. The PHSI in the West rose 5.6 percent in May to 95.4. In the Northeast, the index increased 3.8 percent in May to 93.1. All four regions were down from a year earlier. NAR's Senior Forecast Economist Lawrence Yun said housing activity continues to be impacted by tighter lending criteria and a lack of buyer confidence. 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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Central air conditioning, walk-in closets, hardwood floors, high-end kitchen appliances, oversized garages and patios were among the features buyers said they would pay more for in a home, according to NAR's soon-to-be-released 2007 Profile of Buyer's Home Feature Preferences. Due out in early August, the report looks what buyers want, what they pay more for and what they end up with when the transaction is all said and done. 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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NAR's monthly Real Estate Practitioners Survey (REPS) will soon receive a face-lift and new name: The REALTORS® Confidence Index. Be a part of it to help give an accurate indication of market expectations. It's easy. We'll send you an e-mail once a month with five brief questions about your market expectations. We'll also include a link to results of the latest survey. Find out more>
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NAR’s Customer Satisfaction Survey helps brokers understand what their clients really think about the services offered by their company and agents. More than 400 brokerage firms have signed on since the launch early this year. This market tool is providing ongoing insights into what clients value and what they don’t. The service is free and results are confidential! Learn more at>
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Report compiled by NAR's Research Division.
Questions about this report? Contact Research at lGiovaniello@realtors.org. |
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