NAR’s Lawrence Yun takes a look at the upcoming months from recent housing data.
He states, "Everyone has been waiting for a turning point in the housing market. Perhaps there is more nervousness than is justified in the market. A “wait and see” approach is excessively dampening the demand. But for those people waiting for wholesale price reduction, a big disappointment awaits. Prices do not decline in a job creating economy – at least based on U.S. historical experience. It is true that the market is shifting, but it is shifting to healthy and sustainable levels. Once people realize that prices will not buckle, buyers will return. Home sales are not likely to return to the record-breaking levels we have seen over the past several years, but they will be higher than the cyclical low of last month’s 6.6 million