Buyers now don't have to put money down on the first house they see. They can be more selective.
Despite the bad press, the number of home sales during the October through December period was higher than during the last quarter of 2004, but the small year-to-year increase suggests that some slowing of the market is under way.
As a result, we should see a stabilizing in prices to bring them more in line with inflation.
Affordability declines are worrisome, but consistent with strong markets for the past 30 years. More troublesome is the inability to find affordable starter homes.
It was a noteworthy decline. But at this point, we can't tell who is leaving the market: the first time home buyers, the people trading up. ...
The prices are lower than in many parts of the state, even though the incomes are fairly average.
There's clearly a wait-and-see attitude. Still, the underlying economics are still strong enough that job holders will get into the market -- interest rates still represent a bargain.
The difference here is in incomes.
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