October 19, 2006
Home Sales Weaker In 2006
Home Sales Weaker In 2006
As reported by a realtors group, U.S. home sales for the year will be weaker and price appreciation will be smaller than previously forecast.
In its monthly economic outlook, the National Association of Realtors lowered expectations for the two key housing indicators but said strong economic fundamentals signal that the market will stabilize.
"Given a positive economic backdrop of lower interest rates and job creation, we expect sales activity to pick up early next year," said David Lereah, NAR's chief economist.
For this year, though, the group expects the housing market to end weaker than they had previously predicted.
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