Realtors group downgrades home sales forecast

The National Association of Realtors on Friday trimmed its forecast for new- and existing-home sales, the latest sign of a troubled market.

The Realtors group forecasts that existing home sales will rise 5% in 2011, a downgrade from an earlier projection of 7.7%. New single-family home sales are expected to decline 4.2%, compared with an earlier forecast of a 0.5% drop.

The group also sees housing starts falling 1.0%, compared with an earlier forecast of a 3.1% rise.

Existing-home sales fell 4.8% last year, while new single-family home sales tumbled 14.4%, NAR said.

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- Posted: 2011-05-27 12:54:10

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