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NAR Forecasts Rising Sales, Falling Prices

Sales of existing homes are expected to reach 4.97 million in 2009, an increase of 1.1 percent from the 4.91 million sold in 2008, before rising 6.3 percent in 2010 to 5.28 million units, according to NAR’s latest economic forecast. NAR expects the median price of existing homes to fall 4.9 percent this year to $188,500 before climbing 4.4 percent to $196,800 in 2010.

NAR forecasts that new-home sales will fall 34.7 percent this year to 317,000 before rising 21.6 percent to 385,000 next year. The median price of new homes is also expected to fall 4.7 percent to $221,200 in 2009 before climbing 4.4 percent to $232,100 in 2010.

This is not what we’ve seen in Boston, in our area, number of sales decreased and prices remained steady. For more information ask us about our Boston Real Estate Market Report.

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