This is part of the market adjustment we've been discussing, with a soft landing in sight for the housing sector. The level of home sales activity is now at a sustainable level, and is likely to pick up a bit in the months ahead. Overall fundamentals remain solid.
More Quotes from David Lereah:
This is a very tight inventory situation, which is continuing to drive home price appreciation.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
A new record is a bit unexpected, but so is the performance of mortgage interest rates which have been lower than forecast. When we look at recent job gains, we see all the positive factors coming together to coincide with a powerful demographic demand for housing.
David Lereah
Although interest rates are rising modestly, an improving job market is creating a favorable backdrop for home sales, but at a somewhat slower pace in the months ahead.
David Lereah
In 2007, you'll have positive home-sales growth and you'll have positive price appreciation.
David Lereah
Although mortgage interest rates have risen in the last month, housing affordability conditions remain favorable.
David Lereah
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