The NAR September 2009 US housing market forecast predicts that median housing prices will be declining in the third and fourth quarter of 2009 despite having increased in the second quarter of 2009.
More specifically, the latest NAR housing forecast predicts that median prices for existing homes will increase 0.7% in the third quarter but decrease 2.5% in the fourth quarter of 2009. On an annual basis, median prices of existing homes are predicted to decrease at an average rate of 12.9% in 2009.
Median prices for new homes are predicted to drop 4.6% in the third quarter of 2009 but increase by 1.6% in the fourth quarter of 2009. On an annual basis, median prices of new homes are predicted to decrease at an average rate of 9.2% in 2009.
In 2010, NAR predicts that median prices for both existing homes and new homes will increase at an average rate of 3.2% and 4.0%, respectively.
Home price increases in 2010 will be triggered by strong increases in home sales especially in the case of new homes. In particular, NAR predicts that sales of existing homes will increase 5.4% while sales of new homes are expected to jump 20% in 2010. It should be noted though that sales of new homes, which are predicted to reach 465,000 in 2010 will be still below the sales achieved in 2008, which reached 485,000.
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