Improving Real Estate Market Forecast by NAR

July: The National Association of Realtors® (NAR) expects modest near-term movement in existing-home sales with a recovery in sales seen during the second half of the year. According to the organization’s most recent forecast, existing home sales for all of 2008 should total 5.31 million, and then increase 5 percent next year.

Lawrence Yun, NAR’s chief economist, believes the housing stimulus bill that is being considered by Congress is “critical to assure a healthy recovery in the housing market, jobs and the economy.” In addition, Yun reiterates that all real estate is local, evidenced by the fact that some areas have seen rapidly rising home sales, while in other areas, the recovery is happening at a slower pace. Prices can also vary tremendously, even within a specific town.

Also noteworthy is the fact that both the median home price and the average home price have risen for four straight months. A continuation of this trend, coupled with rising home sales, will go a long way in restoring confidence in the housing market.

NAR President Richard F. Gaylord summed up current market conditions by saying that the current market offers immediate benefits and long-term value for many buyers. At Weichert, we agree that now is a great time to buy.

Bottom of housing market?

Jim Weichert, president of Weichert Capital Properties & Estates, recently noted that the country had reached the bottom of the housing market, and that conditions were improving in many areas. Needless to say, he has his skeptics. He now claims that "They were wrong."

"Since I made my announcement, we have seen business improve," he said this month. In fact, the last day in June was the best day Weichert has had in a year, with more than 800 revenue units and listings. To put that in perspective, buyers and sellers generated $322 million in sales dollar volume in just one day.

He said that Weichert Open Houses was up compared to the same week last year. It appears buyers have gotten the message that it’s a great time to buy.