David Lereah
David Lereah
David Lereah is the President of Reecon Advisors, Inc., a real estate advisory and information company located in the Washington, DC area. Lereah was previously an Executive Vice President at Move, Inc. and before that, Chief Economist for the National Association of Realtors. Lereah served as the NAR's spokesman on economic forecasts, interest rates, home sales, mortgage rates, as well as other policy issues and trends affecting the United States real estate industry. Lereah was also the Chief Economist for...
buyer census changed data definition determine examining homes investment larger mostly number second share shift toward vacation
Our definition of second homes has changed with the buyer shift toward investment property, ... In examining Census data to determine the number of investment units, we see that second homes are a much larger share than the conventional mind-set of them being mostly vacation homes.
above afford available bid buffer buy buyers compete cost country debt family home low means natural pressure prices purchase seeing service typical
With more buyers than sellers nationally, what we're seeing is a natural pressure on home prices as buyers compete to bid on available properties. Fortunately, the historically low cost of debt service on a home purchase means that we have a comfortable buffer in most of the country because the typical family can afford to buy a home well above the median price.
current home lower sales sustained
Right now, home sales are a little lower than projected, but they can be sustained around current levels.
appreciation good highest home interest level modest mortgage news quarter rates record sales seen since slowing strong sustained third
Mortgage interest rates were at the highest level since the third quarter of 2003. At the same time, we've seen strong double-digit appreciation in home prices, so a modest slowing from record sales was to be expected. The good news is that home sales are being sustained at historically high levels.
buyers continue higher home housing matter price rates results simple supply tight
It's a simple matter of supply and demand. We continue to have more home buyers than sellers in most of the country, which results in tight housing inventories and higher rates of home price appreciation.
home affirmation pending
The drop in pending home sales is an affirmation that we are experiencing a modest slowing in the housing sector.
appreciation wall home
The steady improvement in [home] sales will support price appreciation...[despite] all the wild projections by academics, Wall Street analysts, and others in the media.
home mountain-peaks levels
Home sales are coming down from the mountain peak, but they will level out at a high plateau - a plateau that is higher than previous peaks in the housing cycle.
areas available both conditions economic handful homes large local mainly necessary none price rapid softness supply temporary
In the handful of areas with price declines, none had previously experienced rapid price growth. In fact, they were all lower-cost areas experiencing one or both of the conditions necessary for temporary price softness -- local economic weakness, mainly in jobs, or a large supply of homes available in the local market.
activity current eight higher home months pace remains sales strong
The current pace of home sales activity remains historically strong only eight months have had a higher sales pace.
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The current pace of home sales activity remains historically strong - only eight months have had a higher sales pace. A modest downtrend, to a sales volume that is expected to be the second-best year ever in 2006, will be good for the long-term health of the housing sector.
balance buyers entering gains good high homes market news normal period result simple supply
These historically high home-price gains are the simple result of more buyers than sellers in the market. The good news is that the supply of homes on the market has been trending up and we are entering a period of a more normal balance in supply and demand.
home housing market means modest process
A modest slowdown in home sales, coupled with improvements in the housing inventory, means the market is in the process of normalization.
brakes hot tapping
The slowdown amounts to a tapping of the brakes on a hot market.