Remember that these numbers come after one of the fastest run ups in history. As of 2004, “The average nationwide rise of 47% in median home prices since 1995 (after adjusting for inflation) is like nothing America has ever seen.” These numbers are national.
- Sales of single-family homes during the first quarter were down 20.9% from the last year.
- Condo sales were down 28.7%.
- Since 2005, single-family existing homes have declined 32%, surpassing the drop during the ’90-’91 recession.
- March new home sales decreased to their slowest pace since September 1991.
- New home sales have declined about 62% since their peak in July 2005.
I have written a couple of times that I don’t agree with following median or average price trends too closely. These methods allow too many variables, especially with less sales. The Office of Federal Housing Enterprise Oversight (OFHEO) follows data from Fannie Mae and Freddie Mac. The OFHEO Purchase-Only House Price Index increased 0.6 percent from January to February -the first monthly increase in eight months.
Expected projections for the rest of this year and next year:
- New home sales will decline about 33% from 2007.
- Prices should continue to decline about 6% and then slightly in 2009.
- Home sales should pick up and price declines should mederate in 2009.
Even with the drop in total existing homes sales in march, sales improved considerably for the quarter as a whole. The decline of 3.7 percent annualized rate in the first quarter moderated significantly from a drop of at least 25% in each of the previous three quarters.
There are 14% less real estate agents in the Portland area than last year.
65% of loan officers did not renew their license. (I believe that to be an Oregon number.)
These numbers were combined from different sources and people.
