Today I attend a conference regarding the housing economy. One of our speakers was Lawerence Yun, the chief economist for the National Association of Realtors, according to him, he predicts home sales to increase by at least 15% in 2010.
He also predicts home prices to appreciate by about 3 to 5% from where the prices are at today. This is good news for sellers who want to sell their home or property next year in the Ashland and Medford area. Three to 5 percent is a normal home appreciation since it matches normal inflation.
Right now the overall housing inventory is at about 8 months which is down from last year, but not quite to normal at a 6 months supply as he is predicting for 2010.
Charlemagne International Properties - Rancho Palos Verdes, CA
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Seems like a reasonable prediction to me. My area is seeing an increase in sales during this last quarter of 2009. Stands to reason prices will inch up with the increase in demand.
Nov 13, 2009 11:27 AM
Karen Cooper | Sr Mortgage Loan Originator ! NMLS # 223305 | First Federal Bank of Florida, Ocala, FL - The Villages, FL
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TEN Realty Group - Ashland, OR
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I've always thought Lawrence Yun was overly optomistic, and I think that is the case here as well. If you go back and read his predictions from last year, I believe he made the same statement last year, and the year before he claimed there was not going to be a recession.
I am really beginning to question whether or not he is an economist, or just a PR spokesperson for NAR that follows that misguided Realtor philosophy of always say things are great.
An example from early 2008
Yun's outlook for 2008 sees a shift from greedy speculators to serious homeowners. 2008 will be a year of opportunity where there will be serious, healthy business. Furthermore, Yun predicted that the market returns to normal by 2009
Just my 2 cents...don't mean to be negative, I just don't believe Lawrence Yun anymore.
Nov 14, 2009 05:40 AM
Rainmaker
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Krista L. Walker
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