Trade group expects housing market to maintain near-record pace
WASHINGTON -- Existing-home sales will be close to a record this year and, with an economic upturn expected next spring, sales in 2002 will nearly match this year, according to the National Association of Realtors (NAR).
Dr. David Lereah, NAR's chief economist, said home sales this year have defied projections. "The housing market is proving to be much more resilient than most analysts expected, and we will be just shy of the all-time record for existing home sales, which was 5.21 million transactions in 1999," he said.