The fourth quarter was not a stellar time for home sales according to Fannie Mae's Housing Forecast for December. While existing sales are projected to improve from 289,000 to 299,000, new home sales will drop from 151,000 to 125,000. In the same quarter of 2009 only 76,000 new homes sold, but existing sales were much more robust, totaling 373,000. The year overall will be a rather dismal one for housing with total sales down 7 percent from the 2009 figure. Still, the 4.7 million total sales expected for the year is an upgrade from Fannie Mae's estimate of 4.5 million made earlier in the year. The home price picture is also downbeat. The median price of a new home is projected at $214,500 and an existing home at $167,400 at year's end, a -0.07 change from one year earlier when the median prices...(read more)
Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Source: http://www.mortgagenewsdaily.com/12212010_fannie_mae_housing_forecasts.asp
No comments:
Post a Comment