As Sellers Get More Flexible, Buyers Get a Break
David Lereah, chief economist for National Association of Realtors, was very optimistic for 2007 in his recent article, "As Sellers Get More Flexible, Buyers Get a Break". In it he says what we were saying all last year... that there was no "bubble bursting" in San Francisco real estate, though there was a market correction. Sales were down, but there were not significant price reductions.To quote:
...Let’s be clear, though. The sky never did actually fall in 2006— or, to use that phrase that the media love, there were no “bubbles” bursting. But air did come out of some inflated balloons. According to our National Association of REALTORS® latest estimates for last year, existing home sales were down 8.2 percent from a year earlier. Similarly, new home sales were down 17.4 percent and housing starts were down 12.5 percent. Our nation’s housing sector suffered a contraction, inhibiting overall GDP growth.
But 2007 is a new year and with it brings a cautious confidence and hopefulness. Home sales appear to have bottomed out, having reached a cyclical low in September of last year. And in recent months, home sales are inching up, not down. Existing-home sales experienced two consecutive monthly, albeit modest, gains from September to November. Inventories have stabilized, with the nation’s months’ supply hovering around 7.3 months since July of last year...
Read the entire article here.
- Mick Orton
posted by SFResidence.com @ 6:42 AM
0 Comments:
Post a Comment
<< Home