by Calculated Risk on 8/09/2005 03:58:00 PM

The National Association of Realtors (NAR) President Al Mansell made some interesting comments today:

"It's a great time to sell, but it may be a better time to buy about a year from now when the market should come closer to balance,”

I'm sure he meant that there are still below normal inventories and that he expects the housing market to be more balanced between supply and demand next year. But it sure sounded like a "Sell now, buy later" recommendation. Also from NAR chief economist David Lereah:

“The housing market is probably close to a peak right now in terms of sales activity, but there is tremendous momentum. Sales are expected to coast at historically high levels into next year, but they will trend slightly downward."

Falling sales and rising inventories followed by declining prices is what I expect.