Wednesday, November 28, 2007
WASHINGTON, November 21, 2007 -
The vast majority of metropolitan areas showed rising or stable home prices in the third quarter with most experiencing modest gains compared with a year earlier, despite a broad decline in existing-home sales, according to the latest quarterly survey by the National Association of Realtors®.
In the third quarter, 93 out of 150 metropolitan statistical areas 1 show increases in median existing single-family home prices from a year earlier, including six areas with double-digit annual gains and another 21 metros showing increases of 6 percent or more; 54 had price declines, and three were unchanged. Regionally, prices rose in both the Northeast and Midwest, as did the national condo price.
Lawrence Yun, NAR chief economist, said the data underscores the fact that all real estate is local. "Some metro areas are hot while others are experiencing localized problems," he said. "The report also shows that home prices i...
| Posted by Kristin Wright at 12:51 PM |
|
|
Wednesday, May 16, 2007
Housing: The "Steady Eddie" of Investments
Housing activity this year will be somewhat lower than in earlier forecasts as lending standards tighten and subprime mortgage originations tighten, according to NAR. Lawrence Yun, NAR senior economist, said speculative behavior, which contributed to abnormal price growth, is now on the decline. Home buyers today are purchasing for the long-term, generally with a realistic expectation of modest gains over time, Yun said. Housing first and foremost is shelter. Second, its a long-term investment that slowly builds the greatest amount of wealth for most families. NARs latest forecast projects existing-home sales at 6.29 million this year and 6.49 million in 2008, compared with 6.48 million last year.
Click here to see U.S. Economic Outlook: May 2007
Source: National Association of Realtors Resea...
| Posted by Kristin Wright at 11:40 AM |
|
|