2007 Home Sales Forecast Revised Down

The National Association of Realtors (NAR) forecast that home sales are projected to total 6.18 million in 2007 and 6.41 million next year, in contrast with 6.48 million in 2006. This is lower than last month's forecast of 6.3 million sales in 2007 and 6.5 million sales in 2008.

The NAR also forecast the national median existing-home price to decline by 1.3% to $219,100 in 2007 before rising 1.7% in 2008. This is better than last month's forecast of a low of $213,400 in the first quarter of 2008. However, it is still down from the high of $226,800 in the second quarter of 2006. (Source: National Association of Realtors)

What It Means to You

If you are selling your home this year, here are some great ideas from the About.com guide to Homes, Elizabeth Weintraub.

• First, "Selling in a Falling Market".
• If your home has been on the market a while, read this "Avoid Mistakes When Selling in a Slow Market".
• If you are thinking about lowering the price, then read "When Is the Time Right to Reduce Price?"
• And this is good for every homeseller "10 Ways to Increase Traffic to Your Home"

More on Real Estate and the Economy:

• How Does Real Estate Affect the U.S. Economy?
• Definitions of Commonly Used Real Estate Terms
• A Primer on Interest Rates