Friday, March 24, 2006

Real estate economic report shows slow down of real estate new home sales

An AP article cited that the signs of slowing market have shown up stronger than the last 7 years. I think Martin the author for associated press is right, what does that mean for the Seattle real Estate Market? Hour quotes the Commerce departments release of a report on "The 10.5 percent drop in new home sales in February followed a 5.3 percent decline in January and was the biggest drop since a similar 10.5 percent fall in April 1997. Sales of new homes have fallen in four of the past five months with the sales".

This news was contrary to the real estate sales more meaningful numbers to me, that is the home re-sale numbers. Those to me are the real bench mark, as most homes sold on the economic current are the existing home sales. And those numbers effect the real estate market more, because that is where the wealth of todays home owners is held. A Report released on Tuesday cited that the existing home sales, rose 5.6% in February. This caught me, a real estate agent in Seattle, by surprise.

So what is really going on the US real estate market? The economic data concludes, what I have been saying. It's the jobs that are growing, the interest rate worries are making the home prices more reasonable. ANd, the real estate market slow down is welcome, and the real estate bubble is far away.

Signing off as your radical honest but biased, as real estate agent!
Sent from my BlackBerry wireless handheld.


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