WASHINGTON, Aug. 8 (UPI) -- The U.S. housing market likely will stay near its current level for the next few months, the latest National Association of Realtors forecast said Wednesday.
Sales of existing homes should experience a modest upturn toward the end of the year, Lawrence Yun, NAR senior economist, said in a news release.
The new-home market is expected to improve by the middle of 2008, Yun said.
Existing-home sales are forecast at 6.04 million in 2007 and 6.38 million next year, below the 6.48 million recorded in 2006, NAR reported. New-home sales are expected to total 852,000 this year and 848,000 in 2008, down from 1.05 million in 2006.
Housing starts likely will total 1.43 million in 2007 and 1.4 million in 2008, again below the 1.8 million units started in 2006, the Washington association said.
"With the population growing, the demand for homes isn't going away -- it's just being delayed," Yun said. "More buyers, and cutbacks in new construction, will eventually draw down the inventory levels and support future price appreciation, but general gains will be modest next year."
