2005 Market Expected to be Second Highest on Record

Existing home sales, nationally, may decline about 2 percent from last year's record, with the economic conditions this year expected to be similar to 2004, according to the National Association of Realtors. Prices may climb upward, but at a slower rate, with interest rates, income and prices considered to remain favorable. California's current median price of about $479,000 is expected to rise over $500,000, according to the California Association of Realtors. Click here for more information. NAR is expected to post benchmark revisions based on updated census data and approval by the Federal Reserve Board on February 25.