These numbers include condo conversions and (that) activity increased sharply last year. Since they are lower-cost homes, they pull down the median.
More Quotes from John Karevoll:
The rate of appreciation is coming down. We actually thought it would be lower than this by now.John Karevoll
March is much more predictive of upcoming (home-buying) behavior.
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In most markets, the boom phase of the real estate cycle is behind us. The market is reestablishing a balance between supply and demand, buyers and sellers.
John Karevoll
When people got into trouble, they could tap into fast-building equity. Now that the equity is not building as fast, there's not as much to tap into in troubled times.
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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.
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There are an awful lot of analysts and think tanks out there telling everybody in the world the sky is falling, and they have been consistently wrong.
John Karevoll
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