‘06 forecast: cooling trend
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WASHINGTON — The nation’s largest real estate trade group says the housing market will likely return to a more normal rate of growth this year.
The National Assn. of Realtors sees the median price for all types of previously owned homes rising 5.1% in 2006 to $219,700. It’s estimated that prices soared nearly 13% last year. For new homes, the median price is expected to rise 6% to $245,200.
Sales are expected to ease by 4.4% to 6.79 million from 2005’s projected 7.1 million, but that would still be the second-highest level on record.
All of this may be determined by interest rates. The Realtors expect the 30-year fixed-rate mortgage to rise to 6.7% during the second half of 2006.
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