California's housing is predicted to post a modest decline this coming year - but the sale of existing homes will stabilize from the precipitous decrease experienced this year, in 2007, according to C.A.R.'s "2008 California Housing Market Forecast" released today. The Trade Show for CALIFORNIA REALTOR® EXPO 2007, running from Oct. 9th thru 11th in Anaheim, California, at the Anaheim Convention Center. This is where the afternoon prediction and announcement was made. The trade show attracts thousands of attendees and is the largest state real estate trade show in the nation.
They expect the median home price in California to decline only about 4 percent to approximately $553,000 in 2008. This year they projected a median price of $576,000. While in the next year they project that the number of home sales for 2008 to decrease about 9% - these numbers are still at a decent level 334,500 units, compared with 367,500 units (projected) in the 2007 year.
"Tighter credit standards, affordability concerns, and a continued standoff between buyers and sellers will contribute to continued weakness in the market going into next year," said C.A.R. President Colleen Badagliacco. "Now is not the time for homeowners to test the waters, only serious sellers should put their homes on the market in what will continue to be a challenging sales environment."
In San Diego, property is still selling - and in most cases, holding the price/value. Yes, prices have dropped slightly in some of the areas - but overall, the market continues to looks good. I hear from clients and prospective clients they find that the news media is exagerating what is actually taking place in our area. I'm in hopes that every time I'm in contact with a potential client that they understand that many have the desire to live in San Diego and therefore, we should continue to be on a positive path.