The latest forecast from the National Association of Realtors sees a modest recovery for existing home sales in 2008 to 5.69 million units. That will be up from 5.67 million units in 2007.
Median existing home prices will dip 1.7% this year to $218,200, and remain virtually flat next year at $218,300.
NAR pegs new home sales at 796,000 units in 2007 and 693,000 next year; no real improvement is seen for new homes until 2009. Starts, including multifamily units, are forecast at 1.35 million this year and 1.14 million in 2008. The median new-home price is estimated to drop 1.6% to $242,500 in 2007 before rising 0.4% to $243,600 in 2008.