NAR's Optimism Over Housing Outlook Grows 2007

NAR's Optimism Over Housing Outlook Growsby Blanche Evans
The chorus is growing in the chant that housing has struck bottom and will slowly rise again. A new report by the National Association of Realtors suggests rising existing home sales through 2007 and 2008 and a turn-around for new home starts by summer 2007, but homes won't appreciate over inflation rates for the first time in decades. And that's a little scary
Read the entire article at:
http://realtytimes.com/rtapages/20070111_housingoutlook.htm


Here are the statistics for the Central Ohio Real Estate market comparing 2006 to 2005. Similar to the national averages referred to in the article referenced below, Central Ohio experienced some slowness in 2006 and the inventory somewhat large reflecting nearly a 7 month inventory at 2006 sales levels.

Single Family Home Sales – per Columbus Board of Realtors MLS data
As of January 11, 2007


Number Sold Days on Market Average Sale Price

2005 23,838 86 $187,736

2006 22,473 95 $185,209

2005 12,469 84 $182,624
July-Dec

2006 11,017 96 $185,439
July-Dec


Current 12,843 128 $220,723
Active listings

Average days on market for current active listings of 128 reflects the compounding of cyclical and seasonal slowdowns. We have seen Central Ohio continually perform more consistently than the national average. We don’t see the dramatic swings in values nor in number of homes sold that other parts of the country experience. Many of us are anticipating 2007 to be a good year, moving us back on track for a solid next 5 years of real estate performance in Central Ohio.