The boom part of the cycle is over. Most of the gains this time around are behind us. Now the question is how much of those gains do we get to keep.
More Quotes from John Karevoll:
I think we are in a fairly normal market here. The market we are comparing to a year ago was an abnormal market.John Karevoll
These numbers include condo conversions and (that) activity increased sharply last year. Since they are lower-cost homes, they pull down the median.
John Karevoll
The rate of appreciation is coming down. We actually thought it would be lower than this by now.
John Karevoll
The market was heavily tilted toward sellers for the past couple of years, and the buyers felt an element of urgency and sometimes were making kind of desperate buying decisions. The market today is much better if you're a buyer.
John Karevoll
It's not that it's a particularly active market. It's just that more homes are in that category because of that rise in the rate of appreciation.
John Karevoll
We knew this would happen, and it's happening later than we thought. We thought appreciation was going to come down. We definitely thought the entry and middle markets would be less strong than they are today.
John Karevoll
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