Mortgage interest rates were at the highest level since the third quarter of 2003. At the same time, we've seen strong double-digit appreciation in home prices, so a modest slowing from record sales was to be expected. The good news is that home sales are being sustained at historically high levels.
More Quotes from David Lereah:
We simply don't have enough homes on the market to meet demand. We think the supply situation may improve next year when interest rates are expected to be higher that should result in a lessening of demand and cooler price appreciation.David Lereah
There are still lean inventories in a lot of the hot markets and that's why I have a lot of confidence that these balloons won't burst. They're balloons, not bubbles.
David Lereah
We're bringing the demand and supply more in balance with each other. We can gradually see price appreciation decline a bit, but in a gradual, manageable way.
David Lereah
For the rest of 2002, we're not expecting any big movements in the month-to-month sales pace, but we still expect above-normal rises in home prices due to a persistence of lean housing inventories on the market,
David Lereah
It's now clear that unusually mild weather in January and February contributed to exceptional home sales, in effect borrowing from sales that normally would have occurred in late spring. Even so, we still expect to set a new annual record this year.
David Lereah
Since 1971 there have been only five months when mortgage interest rates were lower, and all of those have been during the last year and a half.
David Lereah
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