Although a narrow gain, sales were up for the first time in months
Existing-Home Sales Edged Up
In November, but Remain Weak
Existing-home sales managed a small climb during November, the first increase in
nine months The supply of unsold homes fell -- but remained bloated. Analysts see demand for
homes receding "Near term, existing-home sales should continue to hover in a narrow range, just
as they have since September, and that's good news because it'll be a further
sign that the housing market is stabilizing," NAR chief economist Lawrence Yun
said "Mortgage interest rates are near historic lows and the most current data shows
decelerating price declines, along with a modest reduction in the number of
homes on the market," Mr. Yun said |
2 comments:
According to NAR Research, many markets will see a rise in home sales, strengthening home prices for 2008 and the worst of the credit problems are behind us.
linnea, I hope you are right. I too think that the over-reaction to sub-prime underpricing is over and that 2008 will see a resurgence in housing sales and resales.
Post a Comment