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NAR expects home buying to go up

Monday, November 16, 2009

More new homes may be built next year.
More new homes may be built next year.

There appears to be some good news for contractors who operate construction equipment, as the National Association of Realtors predicts 2010 will be a better year for home buying.

A recent report from the NAR states that sales for new homes are expected to hit 549,000. For 2009, the NAR projects sales of new homes to come to 397,000.

Existing home sales are also projected to go up 13.6 percent in 2010 for a predicted total of 5.69 million. For 2009, existing home sales were up 2 percent when compared to last year. In all, the NAR expects existing home sales to hit 5.01 million.

The positive results in the housing market are tied to a tax credit for first-time home buyers. The credit gives first-time buyers $8,000, and was recently extended to last until the end of April. The credit was also expanded to include people who want to buy a new primary residence, even if it isn't their first home.

"Given the success of the first-time buyer tax credit to date, and the need for qualified buyers to continue to absorb inventory that will include additional foreclosures over the coming year, we are hopeful about the impact of the expanded tax credit because it will stabilize home prices," Lawrence Yun, NAR chief economist, said.
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