Real Estate Housing Market — Boom! It’s Not Over
If you watch enough nightly news on television or cable or read the papers and you might almost start to believe their moronic babble that the housing and real estate markets will soon come crashing in a neighborhood near you. Far from it. The U.S. and Prescott Arizona housing markets are alive and well.
What’s the real deal about the housing market in year 2006?
According the the National Association of Realtors the housing marketing is normalizing itself into a more equal balance between sellers and buyers.
The five year love affair of whirlwind sales and escalating prices are coming to a close, and now the market is growing as sales ease back to what experts consider normal levels.
There are more choices for Prescott home buyers
According to David Lereah, the National Association of Realtor’s cheif economist: “As the market readjusts, price appreciation should return to more normal rates of growth this year”.
Since the real estate markets are slowing down a bit, it’s creating an increase in the inventory of homes for sale.
So now home buyers are finding themselves with a greater selection of homes and vacant land to choose from in the Prescott Arizona real estate market.
Median Home Prices are Still on the Rise
According to Lereah, the countries median for existing home price across all categories of housing will rise 5.8% in 2006. He also expects new home prices to rise around 5.4% in 2006.
This sure doesn’t sound like a pop or a burst to me.
Sales on existing homes are anticipated to reduce by 5.7% in 2006 to 6.67 million from the monumental sales of 7.08 million in 2005. In addition to this, new construction is expected to drop 7.7% to 1.18 million from 1.28 million in ‘05.
More good news about the housing market in 2006
While the newspapers and television media may want you to start to panic and worry that this is just the beginning of a downhill slide that the housing market will never recooperate from, what this really means, according to Lereah, is that the sales for 2006 are going to closely follow the awesome home sales of 2003.