FORECAST: After bottoming in the fourth quarter of 2006, existing home sales nationally are expected to gradual rise through 2007 and into 2008 according to the latest forecast by the National Association of Realtors.
David Lereah, NAR's chief economist, said annual totals for existing-home sales will be fairly comparable between 2006 and 2007. " We have to keep in mind that we were still in boom conditions during the first quarter of 2006 with a high sales volume and double-digit price appreciation," he said. "We are starting 2007 from a relatively low point, so even with a gradual improvement in sales it'll be pretty much a wash in terms of annual totals. The good news is that the steady improvement in sales will support price appreciation moving forward."
Even better news is that, as existing-home sales improve in the major markets, our Durango real estate economy can only get stronger. We have numerous clients ready and anxious to purchase a home in the Durango / La Plata County area just as soon as they are able to sell their existing residence.
Stay abreast with the Durango real estate market on our websites http://www.HomesInDurango.com and http://DurangoRealEstate.biz.
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