NAR: Home Sales Expected to Stabilize In the Months Ahead

"Don't look for any big shifts one way or the other", says NAR economist David Lereah. Higher increases in interest rates are a concern, but median home prices nationally will go up about 5.3 percent overall. Sellers should understand that "abnormal" price growth has cooled. While buyers may see larger price decreases in some market and with some properties, they should also understand that certain price decreases may be expected if the seller has overreached the current market, but that it doesn't mean there will be a huge decrease overall in the market. The median price in the six Southern California counties has not dropped during the Spring (see earlier post).