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Home sales are likely to level out at a lower pace in the months ahead, according to NAR's latest Pending Home Sales Index. The index, which is based on contracts signed in July, is down 7.0 percent to 105.6 from a downwardly revised reading of 113.5 in June, and is 16.0 percent lower than July 2005. Read more>
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Existing home sales – including single-family, townhomes, condominiums and co-ops – dropped 4.1 percent to a seasonally adjusted annual rate of 6.33 million units in July. Resales were 11.2 percent down from a year earlier. Higher interest rates dampened sales but the price softening is good news for buyers. Many potential home buyers have been waiting for sellers to compromise on prices and terms. “Now sellers in many areas of the country are pricing to reflect current market realities,” said NAR's Chief Economist David Lereah. Read more>
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Home sales during the rest of the year will be lower than earlier projections as the market works its way through an inventory and price imbalance, according to NAR's latest forecast. David Lereah, NAR’s chief economist, said the most obvious effect in the near term will be with home prices. "Sales are slowing, homes are plentiful and sellers are negotiating. Under these conditions, we’ll probably see prices dip temporarily below year-ago levels as the market works through a build-up in housing inventory,” he said. Read more.>
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Most commercial real estate markets can expect tightening vacancy rates and rising rents, according to NAR's latest Commercial Real Estate Outlook. Large investors are pouring funds into commercial sectors. In fact, institutional investors and private equity funds accounted for half of all office buildings purchased during the first seven months of 2006, and one-third of industrial real estate. Read more>
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Sixty-six percent of real estate brokerage firms say their profits increased in 2005, and 56 percent expect them to improve again in 2006, according to NAR's 2006 Profile of Real Estate Firms: An Industry Overview. More firms are expanding into business activities that were not the traditional domain of real estate firms a few years ago. The report provides a detailed analysis of the business characteristics and activity of real estate firms, as well as information about technology and training they have embraced. Read more>
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Baby boomers have a higher rate of homeownership than the national average and one out of four own more than one property, according to
"Baby Boomers and Real Estate: Today and Tomorrow," a comprehensive study of nearly 2,000 Americans born between 1946 and 1964. The study, conducted for NAR by Harris Interactive, also shows boomers are optimistic about the future, but many are not adequately prepared for retirement. Read more>
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Their attitudes and purchasing habits have been major economic forces for the past several decades, and now the oldest baby boomers are hitting their 60's. Do baby boomers believe housing is a good investment? Are today's real estate professionals providing the services boomers want? NAR's Vice President of Real Estate Research Robert Barr will present key findings from the association's "Baby Boomers and Real Estate" report, providing insights on how boomers think about real estate. Mark your conference event planner for Saturday, Nov. 11, 11am - 12:30pm. Read more>
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Get the latest economic forecast from NAR's Chief Economist David Lereah, and hear from Steve Murray, editor of Real Trends magazine, who will discuss the impact of emerging trends on the residential real estate business. Mark your conference event planner for Friday, Nov. 10, 9am - 11am. Read more>
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This three-part forum begins with NAR’s Chief Economist David Lereah discussing the continuing hot pace of the commercial sector. Then, James Fetgatter, chief executive of The Association of Foreign Investors in Real Estate (AFIRE), shares results of AFIRE’s latest survey on foreign investment in U.S. commercial real estate. The program ends with a presentation by Jim Hochman, an expert on real estate law, who will address commissions in a tightening market. Mark your conference event planner for Friday, Nov. 10, 1pm - 3pm. Read more>
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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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