Realtors Expect Home Price Recovery

Realtors Expect Home Price Recovery

Home prices are likely to spring back in the coming months, the National Association of Realtors predicted after reporting that median prices fell in 73 metro areas in the final three months of 2006.

Last year "was the year of contraction," said David Lereah, the NAR's chief economist. "When we get the figures for this spring, I expect to see a discernible improvement in both sales and prices."

Even in an overall sluggish fourth quarter, 71 areas had price gains, the NAR said. And 14 of those areas saw double-digit year-over-year percentage gains

"At least the bottom appears to have already occurred," says Lawrence Yun, an NAR economist. "It looks like the figures will be improving. Whether or not that will be sustainable is a different question."

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