CA: Drop in Sales Projected
The California Association of Realtors (CAR) is projecting a 7% drop in sales of existing, single-family homes in 2007. That would put homes sales ending at 443,900 for the year. In 2006, 477,400 home were sold which was a 23.6% drop from home sales in 2005 and 2004 hen sales trended at roughly 625,000 homes sold each year.
Leslie Appleton-Young, chief econmist for CAR, is quick to caution that the market continues to perform in a cyclical fashion and that properties that are well-priced and in good condition will continue to sell even when the market is experiencing one of its downturns.
To read more regarding CAR’s forecasts, click here.