RISMEDIA, November 13, 2006—Following a correction in home sales and prices in 2006, existing-home sales are expected to "coast" at roughly the same level next year, although there will be some additional decline in the new-home market, according to a forecast released Saturday at the National Association of Realtors(R) Conference & Expo in New Orleans.
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"We now have the most favorable market for home buyers in several years, and most sellers -- who've been in their home for a normal period of homeownership -- are still seeing very healthy returns on their investment. Conditions for buyers have improved because sellers are flexible now and mortgage interest rates are near historic lows. The market promises to be more balanced between buyers and sellers by early spring, supporting future price growth," Lereah said.
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