Price Rebound in 2008 is Expected....should you buy now?

Home prices expected to rebound in 2008, from MSNBC.com, reports that the prices of new and existing homes are expected to bounce back next year after a dreary 2007, according to the latest prediction by the National Association of Realtors yesterday. The NAR expects existing homes sales to rise to nearly 6.4 million in 2008, up from the 2007 estimate of 6.1 million. New homes are expected to rise to 878,000 in 2008, from the estimated 865,000 this year. Existing home prices are expected to rise 1.8 percent to a median of $222,700 in 2008 after a 1.4 percent decline this year. The median new home price should rise 2.2 percent next year after a 2.6 percent drop in 2007. "Markets that sharply reduce new construction in 2007 will generally experience respectable price increases in 2008," said Lawrence Yun, NAR senior economist. http://www.msnbc.msn.com/id/19710279/ <http://www.msnbc.msn.com/id/19710279/>