Home sales likely to stick in US

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HOME SALES LIKELY TO STICK IN US

Thursday, 09 Aug 2007

Sales of homes in the US are likely to stay level over the coming months, with little change in sales activity expected, a new report predicts.

US organisation the National Association of Realtors (NAR) claims that sales levels should benefit from a modest increase towards the end of the year however.

It predicts that a total of 6.04 million homes will be sold over the course of this year, with a total of 6.38 million real estate transactions forecast to go through in 2008. Both these figures are less than the 6.48 million sales registered in 2006.

"Existing-home sales should be relatively stable over the next few months, holding in a modest range, with some pent-up demand growing from buyers who've been on the sidelines," NAR senior economist Lawrence Yun said.

He went on to add that a downturn in sales would ultimately support the market, as it would lead to less construction. This in turn would lower relative levels of housing stock, a factor which would push future price appreciation, he said.

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