NAR Expects Strong Market to Continue

The National Association of Realtors recently released a statement, "U.S. home sales are anticipated to reach record levels by the end of 2005, despite a modest cool-down in the remaining half of the year, according to NAR's recent forecast. Existing home sales in the U.S. are expected to rise 2.9 percent to 6.98 million units, while new home sales should reach 1.26 million units, a 4.8 percent increase from 2004. With the tight supply of homes for sale, NAR also is projecting the national median existing-home price to increase 10.5 percent in 2005."