Part of what we're seeing now is 'fence-jumping' from people wanting to buy a home before interest rates move higher. Even with an additional rise in recent weeks, the good news is that mortgage interest rates now appear to be leveling out in the 6.3 percent range.
More Quotes from David Lereah:
We are entering a period of a more normal balance in supply and demand. The modest dip in appreciation is an early sign of a market adjustment.David Lereah
We were truly at a break-neck pace for home sales in January and February, likely the result of unseasonably mild weather, so it comes as no surprise to see sales decline to a more sustainable pace,
David Lereah
Changes in the overall direction of the housing market are akin to a large ship making course corrections - it takes some time for the driving factors to materialize as a change in the sales level. In many recent transactions we're looking at a delayed effect of mortgage interest rates that peaked in November but are now lower than expected. Mortgage applications have trended up in recent weeks, so we shouldn't be surprised to see pending home sales rise in the next couple months.
David Lereah
We now think this will be the second-best year ever for existing-home sales, ... given the more favorable interest rate climate and continued strong demand.
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
Modeling a relationship between economic and commercial market indicators, as well as market trends and sentiment, will provide us with a new tool in assessing market behavior in the major commercial real estate sectors. It is being designed as an index to provide early signals of turning points between expansions and slowdowns in commercial real estate activity.
David Lereah
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