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Huntsville AL Real Estate Predictions for 2008

By: Huntsville Real Estate Expert Mike Manosky On January 3, 2008

Happy New Year, Huntsville!  I hope that everybody enjoyed a very happy holiday season and that 2008 is off to a great start for you.

 

The National Association of Realtors has published its predictions for the 2008 housing market, and the data looks positive so far.  Most noteworthy is the trend toward improving existing home sales. 

 

Lawrence Yun, senior NAR economist, said “Now that mortgage conditions have improved, some postponed activity should turn up in existing-home sales over the next couple of months, and I expect sales at fairly stable to slightly higher levels.” 

 

Existing home sales are expected to rise to $5.7 million in 2008 – making it the fifth highest year on record.  Existing home prices, which declined 1.9% to a median of $217,600 in 2007, are expected to go back up about .3% in 2008.  As Yun noted late in 2007 “even with a modest decline in the national aggregate price this year, it’s important to keep in mind that nearly two-thirds of the metro areas in the US are showing price increases … the apparent disparity results from fewer sales in high-cost areas, so a change in the mix is dragging down the national median home price.”

 

To find out the latest trends in Huntsville AL real estate, please call me at 256-508-0211 or visit MoveToHuntsville.com.  To begin searching for Huntsville AL homes, please use my complimentary MLS search.

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