4th Quarter Marks ‘Bottom of Housing Cycle’

Existing-home sales in most states declined from year-ago levels in the fourth quarter, marking the likely bottom for the current housing cycle, according to the latest quarterly survey by the NATIONAL ASSOCIATION OF REALTORS®. Prices dipped slightly overall, as sellers were more willing to negotiate.

“This information confirms 2006 was the year of contraction,” says NAR Chief Economist David Lereah. “Hopefully the fourth quarter was the bottom of this current business cycle.”

He says home sales are leveling at historically high levels, and examination of data within the fourth quarter shows home prices began to stabilize near the end of the year. “When we get the figures for this spring, I expect to see a discernible improvement in both sales and prices,” he says.

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