Realtors Group Raises Home Sales Forecast

The National Assn. of Realtors raised its forecast for U.S. home sales this year, predicting a 0.3% increase to a record 6.56 million units, as falling mortgage rates make it possible for more people to buy houses.

The new forecast is 1.3% higher than the Washington-based trade group’s projection a month ago, and would exceed the previous record of 6.54 million new and existing homes sales set last year. At the beginning of the year, the group forecast a drop of 3.8% in sales this year.

The association’s increase in projected home sales follows a similar upward revision from mortgage company Fannie Mae on Monday.

From Bloomberg News, Reuters