The National Association of Realtors lowered its existing-home-sale projections for 2010 and increased those for 2011 in its latest monthly forecast released Thursday.
The association expects sales of resale single-family homes, condos and co-ops to rise 6.5 percent in 2010, NOT 9% as originally predicted. Additionally, NAR projected a 3.8% increase in 2011. New home sales are projected to face double-digit declines.
Regardless, NAR anticipates a 15.4 percent rise in housing starts in 2010 and a 62.1 percent rise in 2011.
NAR expects existing-home median prices to rise nearly 3% in 2010 and 4% in 2011.
So, all in all this is good news for Philadelphia Home Owners!
This is brought to you by the Philadelphia Real Estate Blog.
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