In 2006 Projected U.S. Home Sales To Be Second Best In History, Key Industry Observers Predict; Consumer Real Estate Confidence Highest In Three Years
In 2005 7.07 million home sales set a real estate record for fifth straight year. After five consecutive record years of existing homes for sale nationwide, key real estate industry observers are optimistic that 2006 will be the second best year in history and that the national median home prices will continue to increase, although at a slower pace that last years 10.5%.
Additionally, the inventory of unsold homes for sale is currently at a five-month level. A six-month supply is generally indicative of a more balanced real estate market between buyers and sellers demand.
Consumer sentiment has also rebounded since last fall despite continued Middle East, energy home prices and mortgage rates concerns. Januarys 106.3 index rating by the Consumer Board was the highest in three years. Historically, home buyer activity increases as consumer confidence improves. Actual home sales usually close 30 to 90 days later.
David Lereah, chief economist for the National Association of Realtors, predicts a...
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