The National Association of Realtors® did not have good news for home buyers or sellers in a recent article. They reported that existing-home sales weakened against a backdrop of an eroding economy. Existing-home sales - including single-family, townhomes, condominiums and co-ops - fell 8.6 percent to a seasonally adjusted annual rate¹ of 4.49 million units in November from a downwardly revised level of 4.91 million in October, and are 10.6 percent below the 5.02 million-unit pace in November 2007.
Lawrence Yun, NAR chief economist, expected a decline. "The quickly deteriorating conditions in the job market, stock market, and consumer confidence in October and November have knocked down home sales to another level. We hope the home sales impact from the stock market crash turns out to be short-lived, as was the case in 1987 and 2001," he said. Here's looking forward to a more positive market in 2009.Please go to www.Move2Cheyenne.com to request a FREE Relocation Packet from Connie!
Cheyenne Real Estate Trends
Via Century 21 Realtor Connie Webb (Century 21 Bell Real Estate):
1 comment • Connie Webb • November 21 2009 03:34PMComments
Participate
Post © 2009 Connie Webb (Century 21 Bell Real Estate). Design © 2009 ActiveRain Corp.
Logos and service marks owned by copyright holder.
Best of luck to you in Cheyenne next year! We receive great statistics from the Everitt Real Estate Center at CSU here in Estes Park, I will be very interested to see what the second half of 2009 shows...