Existing Single-Family Home Sales Drop 2.2 Percent In December - 13 Percent For Year
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Closing out a tough year as the real estate markets catch up after years of significant growth, December housing sales dropped 2.2 percent.
I am sure that I speak for many saying good riddance to 2007 and that 2008 will allow the real estate markets to find their footing.
Sales of existing homes fell in December, closing out a horrible year for housing in which sales of single-family homes plunged by the largest amount in 25 years. The median home price dropped for the entire year, the first time that has occurred in four decades.
The National Association of Realtors reported that sales of single- family homes and condominiums dropped by 2.2 percent in December to a seasonally adjusted annual rate of 4.89 million units. For the year, sales of single-family homes were down by 13 percent, the biggest drop since a 17.7 percent plunge in 1982. The median price for a single-family home dropped 1.8 percent to $217,000. via the AP
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Comment by Paula Stetler on 25 January 2008:
I would expect a resurgence in home sales if the Federal Government acts on their proposal to temporarily increase the conforming loan limit to $729,750 in high-cost areas, like the Bay Area. See http://choosemarin.com/blog/?p=7
Comment by Anthony Golzalez on 26 January 2008:
This is a very good idea.