Slight decline for the remainder of 2006
The market continues to show signs of stabilizing although homes sales are expected to decline modestly until year’s end according to David Lereah, NAR’s Chief Economist. Existing home sales are expected to decline by almost 7 percent this year while new home sales are expecting to show a considerably higher decline of nearly 13 percent. Contributing factors to such a decline are the rising interest rates which are expected to hit 7 percent for a 30-year mortgage by the end of the year, and rising unemployment rates. As homeowners prepare to sell their homes in a stiffening market flat fee MLS can provide a competitive advantage to sellers trying to maximize equity, maintain control of the transaction, and create a pricing advantage.
See Also
- Home Sales Stabilizing
NAR: Modest decline seen for rest of 2006
