FXstreet.com (Barcelona) - Existing home sales are expected to hold steady over the next few months, as indicated by November's pending home sales activity, which remains above the level of August and September, according to the latest report by the National Association of Realtors.
Pending home sales have decreased 2.6% in November to a reading of 87.6 from a strong upward revision of 89.9 in October. On the year, pending home sales have decreased 19.2% from the 108.4 reading posted in November 2006.
According to the report, the NAR expects existing home sales to total 5.66 million in 2007 to edge up to 5.70 million in 2008 and 5.91 million in 2009, figures still substantially lower than the 6.48 million posted in 2006.
Existing home sales prices are expected to decrease 1.9% in 2007 to a median of $217,600 to remain practically unchanged in 2008 and then increase 3.1% in 2009 to $224,400.