10/19/2006

2007 Housing Market Forecast by California Association of Realtors

The California Association of Realtors Expo tradeshow, the largest in the nation, was hosted at the Long Beach Convention Center this week, and an exciting show it has been. The annual California Housing Market Forecast by the Associations' Chief Economist outlined predictions for the housing market for 2007. Not surprisingly, a modest decline in the statewide median price (2 percent overall) is predicted with fewer sales overall. Some areas, such as San Bernardino and San Diego as well as second-home markets, may experience greater sales volume decline than others during the coming year, which is not expected to bear as a great a sales decline as 2006. The market momentum of the past several years has slowed, but keep in mind that California real estate has always been a good investment: since 1968, long-term price appreciation has averaged 9.1 percent.

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