Buyers are back in the game now

A lower level of home sales expected this year will create a more level playing field for buyers and sellers on the heels of a five-year sellers’ market, said the National Assn. of Realtors.

“The cooling from overheated sales conditions in recent months is helping to bring inventory levels up to the point where buyers have more choices than they’ve seen in the last five years,” said David Lereah, chief economist at the NAR. “Annual price appreciation is still running at double-digit rates, but ... as the market readjusts, price appreciation should return to more normal rates of growth this year.”

The national median price for existing homes of all housing types is projected to rise 5.8% in 2006 to $220,300. The median new-home price should increase 5.4% this year to $250,200.