A projected drop in new home construction is expected to help the residential real estate market edge toward recovery in 2008, according to the National Association of Realtors.The national trade group is forecasting that existing home sales will start picking up later this year, climbing to 6.11 million in 2007 and rise to 6.37 million in 2008. Those numbers are still lower than last year’s 6.48 million sales, however. Also, NAR anticipates that new home sales will reach 865,000 in 2007 and climb to 878,000 in 2008, compared with 1.05 million last year.The association also expects the median existing home price to rise 1.8 percent to $222,700 next year, following a 1.4 percent decline in 2007.

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