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After five consecutive years of record-high home sales activity, the market is coming in for a soft landing. Areas of the country that "boomed the most" are cooling fastest. NAR Chief Economist David Lereah provided Midyear Meeting attendees at the Economic Issues & Residential Real Estate Business Trends Forum with a look at what's ahead for the housing market. Download the presentation>
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While the commercial real estate market did not boom like home sales did, lower vacancy rates and higher rental rates are good signs for the nation's commercial real estate practitioners. NAR Chief Economist David Lereah provided Midyear Meeting attendees at the Economic Issues & Commercial Real Estate Business Trends Forum with a look at the office, industrial, retail, multi-family and hospitality sectors. Download the presentation>
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Peter Francese, founder of American Demographics magazine presented Midyear Meeting attendees with an overview of how baby boomers are influencing today's housing market. During a special session entitled: "Housing and the Baby Boomer: An Insightful Perspective," Francese released results from a Harris Interactive survey commissioned by NAR. Download the presentation>
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A growing number of second-home owners are minorities according to NAR's 2006 Profile of Second-Home Owners. Minorities now account for 11 percent of vacation home purchases, compared with just 6 percent four years ago. At the same time, minorities now account for 17 percent of investment property transactions, compared with 11 percent prior to 2002. Read more>
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Rulings by government regulators allowing banks to invest in real estate projects sets a dangerous precedent. Remember the S&L crisis of the 1980s and early 1990s? In this nine-page report, NAR Research takes a close look at why we can't allow banking and commerce to mix. Read more>
Additional Information>
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NAR's Pending Home Sales Index eased again in March as interest rates continued to rise. The March index dropped to 116.2 -- down from 117.6 in February. This means a modest slowing can be expected in home sales in the months ahead, although the market will hold at historically strong levels, according to NAR Chief Economist David Lereah. Read more.
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Sixty metro areas reported increases in their median home resale prices over the last year, according to NAR's latest quarterly report. The Phoenix-Mesa-Scottsdale area led with a 38.4 percent increase to $268,300. Next was Orlando, Fla, with a 34.0 percent increase to $268,300. Gainsville, Fla., came in third with a 31.9 percent increase to $210,100. Read more.
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New Mexico, Louisiana and Montana scored the biggest jumps in home resale activity over the last year according to NAR's first-quarter state-by-state existing-home sales report. Twenty-six states experienced increases over the past year, while 21 states and the District of Columbia experienced declines. Complete data for three states was not available. Read more.
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Report compiled by NAR's Research Division.
Questions about this report? Contact Research at ljohnson@realtors.org. |
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