U.S. home sales, prices to slip more this year: NAR
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U.S. home sales and prices will fall further in 2007 than earlier expected, the leading realty trade association predicted on Wednesday.
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Investor's Business Daily - U.S. home prices declined 1.4% in Q1 compared with Q1 &#39;06, the first year-over-year drop since 1991, according to the S&amp;P/Case-Shiller index. It could take years for housing prices to rebound, said David Seiders, chief economist for the National Association of Home Builders. He predicted that new-home construction won&#39;t return to last year&#39;s level for at least 4 years.
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Sales of existing U.S. homes fell  more than expected in July, as the housing market took a  breather from its record-toppling run, a trade association  report showed on Tuesday.
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Next year will likely bring a second annual decline in existing home sales, the National Association of Realtors predicted on Monday.
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Although existing homes are selling at their slowest pace in four years, most Americans are confident their homes are worth more now than they were a year ago, according to a survey released on Thursday.
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For the year, sales of single-family homes were down by 13 percent, the biggest drop since a 17.7 percent plunge in 1982. The median price for a single-family home dropped to $217,000.
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The pace of existing home sales in the United States was off slightly in May to a 5.99 million-unit annual rate, the National Association of Realtors said in a report on Monday that showed continued weakness in the housing sector.
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Existing home sales will fall further and prices will drop more sharply in 2007 than earlier expected, a leading real estate trade association predicted on Tuesday.
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New single-family home sales fell  4.7 percent in December to its lowest rate in nearly 13 years  while the median sales price dropped sharply and the inventory  of unsold homes climbed, according to a government report on  Monday that delivered more grim news for the battered housing  sector.
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Holiday sales are expected to rise,  though at a slower rate than last year as consumers fret about  the declining housing market, according to a National Retail  Federation economic forecast on Tuesday.
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Sales of existing homes edged down 0.1 percent in October, but low mortgage rates continued to contribute toward what might become a record year in home sales, a trade association report showed on Tuesday.
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US home sales and price declines in 2007 are going to be steeper than earlier forecast, contributing to slower economic growth, the National Association of Realtors said.
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A lean supply of homes in hot  markets and a growing U.S. economy is expected to keep house  prices in most parts of the country from reversing course,  analysts and real estate agents say.
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Sales of new homes plunged in August and prices posted their biggest year-on-year drop in nearly 37 years, the U.S. Commerce Department said on Thursday, underlining the depth of problems facing the housing sector.
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Sales of new U.S. homes fell 1.6 percent in May to a lower-than-expected level while prices climbed from April, according to a government report on Tuesday that continued to point to weakness in the housing sector.
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Sales of existing U.S. homes slipped  in May, another sign of a gradually cooling housing market as  mortgage rates rise, while consumer confidence rose slightly in  June, according to reports on Tuesday.
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U.S. new home sales fell more than  expected in July to the their lowest pace since December, as  higher mortgage rates cooled the housing market, a government  report showed on Wednesday.