According to the latest forecast from the National Association of Realtors,  sales of existing homes will hold steady in 2008 before rising later in the year and continuing to improve in 2009.

Meanwhile, the association’s pending sales index, which tracks contracts signed, fell 2.6 percent in November.

“Consumers continue to wait for additional signs of market stabilization,” said NAR senior economist Lawrence Yun.

That seems to be holding true in the Valley. Real estate agents report increased phone calls from potential buyers, but few are actually biting. Industry experts are looking to March, the usual start of the selling season, to get a read on which direction the market may head this year.

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