NAR: Resales Steady, New-Home Sales Off in '07

The sales of existing homes are expected to hold steady in 2007, although new-home sales are likely to fall another 8.7% next year, according to the National Association of Realtors.The association's latest forecast, released Nov. 10 at the NAR Conference & Expo in New Orleans, calls for resales to total 6.47 million this year, an 8.6% decline, and to hold steady next year around 6.43 million, a less than 1% decline. New-home sales are forecast to fall to 1.07 million this year, a 16.8% drop, and to 975,000 in 2007, an 8.7% decline. Overall home price gains are expected to be modest, with median resale prices rising an estimated 1.9% this year and a forecast 1.7% next year, according to the NAR. The association can be found online at http://www.realtor.org.