WASHINGTON, Sept. 11 (UPI) -- The number of U.S. existing-home sales and their prices will fall more sharply than forecast earlier, a national realty group said Tuesday.
Existing-home sales are now projected at 5.92 million this year, down from 6.04 million units forecast in August, the National Association of Realtors said.
Sales will rise to 6.27 million in 2008, compared with 6.48 million in 2006, the realty group said in its monthly economic outlook.
New-home sales should total 801,000 in 2007 and 741,000 next year, below 2006's 1.05 million.
If the projections hold true, this year's sales will be the lowest since 2002, when sales hit 5.6 million.
Existing-home prices will likely drop 1.7 percent to an average $218,200 this year before rising 2.2 percent to $223,000 in 2008, the trade group said.
The group said last month prices would fall 1.2 percent this year.
The median new-home price will probably fall 2.2 percent to $241,100 and then increase 1.7 percent to $245,100 next year, the group said.
