The National Association of Realtors (NAR) 2007 Predictions
- Sales
- Predicted = 6.4 million
- Actual = 5.65 million
- Predicted Growth = -1.2%
- Actual Growth = -12.8%
- Variance = 11.5%
- Volume
- Predicted = $1.7 trillion
- Actual = $1.5 trillion
- Predicted Growth = 0.3%
- Actual Growth = -13.5%
- Variance = 13.8%
- Price
- Predicted = $225,229
- Actual = $218,900
- Predicted Growth = 1.5%
- Actual Growth = -1.4%
- Variance = 2.9%
In 2007 NAR was -
- Too optimistic when they think the market is going down
- Too pessimistic when they think the market is going up
NAR’s 2008 Prediction
- Sales will increase by 0.7% to 5.69 million transactions
- Up from 5.65 million in 2007
- Down from 6.5 million in 2006
- Prices to hold even in 2008
- Unchanged from $218,900 in 2007
- Down from $221,900 in 2006
These predictions are based on existing homes. Remember 2007:
- Too optimistic when they think the market is going down.
- Too pessimistic when they think the market is going up.
2007 Real Estate 2008
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