Realtors Cut Forecast Again, For Second Time in a Month
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The numbers: The Realtors had been predicting a 2.9% decline in existing home sales this year; now they are predicting a 4.6% decline. That’s a difference of 110,000 homes. The Realtors are predicting the median sales price of existing homes will drop by 1.3 percent, to $219,100.
What it means: This is the second time in less than a month the NAR has lowered its forecast; it cut back its predictions May 8. Today’s revision means the housing market continued to deteriorate over the past four weeks, at least in the eyes of NAR economists.
A caveat: You can’t learn much about a market -- Los Angeles -- where the median house lists for $540,000 from a national survey in which the median price is $219,000.
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Photo Credit: Reuters