NAR forecasts a record of 5.99 million existing-home sales this year, up 7.7 percent from last year's record of 5.57 million sales, according to a recent report. New-home sales for 2003 are expected to grow by 7.9 percent to a record of 1.05 million units. Housing starts are seen to rise 4.6 percent to a total of 1.78 million units this year, the highest level since 1986. The national median existing-home price is forecast to rise 8.8 percent this year to $172,100, while the median new-home price should increase 3.7 percent to $194,600. Home price appreciation is expected to slow in 2004 to a rate closer to historic norms, with the median existing-home price increasing 4.3 percent and the typical new-home price rising by 5.5 percent.
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