Housing Market to Rebound in 2008

Lawrence Yun, senior economist for the National Association of Realtors, predicts home sales will turn around in early 2008. She states this is due to more favorable conditions in the current mortgage market.

Yun stressed that some local markets haven’t seen some of the problems that have occurred else ware in the country. “Markets like Austin, Salt Lake City, and Raleigh have been outperforming recently and will continue to do well next year.” She also said that “Other areas like Denver and Wichita will likely move up in the price growth rankings due to very positive local economic developments.”

Availability has continued to improve since August and although we have been having problems with the subprime market and credit crunch, 2007 will be the fifth highest year on record in sales of existing homes. Yun projects existing home sales to reach 5.78 million this year and 6.12 million in 2008.

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