Home Sales Pace to Coast in 2007

Home Sales Pace to Coast in 2007

 

U.S. home sales should "coast" at a somewhat lagging pace next year and prices should remain flat as the sector works through its current downturn.

 

Overall home price gains should be modest in 2007 while sales will hold steady, David Lereah, the association's chief economist said in a statement from the NAR annual meeting in New Orleans.

 

In September, existing home sales slipped for the sixth straight month to their slowest rate since January 2004, when a multiyear housing boom was underway.

 

Despite the slowdown, Lereah said, 2006 is expected to be the third-strongest year of the nation's housing market on record, behind only by 2004 and 2005.

 

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