"The National Association of Realtors said Monday that sales of single-family homes and condominiums dropped by 0.4 percent last month to a seasonally adjusted annual rate of 4.89 million units, the slowest sales pace on records going back to 1999.
The median price of a home sold in January slid to $201,100, a drop of 4.6 percent from a year ago."
I talked to a family member last night who is in the market to purchase a home. Together, they make a very qualified buyer. They are excited about the direction of the market. Just like someone patiently waiting for the right time to buy stocks in the exchanges they are waiting to time the bottom of the drop. They'll buy and ride out the growth of the turned market.
Many are dipping their toes in the Las Vegas market as well, anticipating the coming growth. Las Vegas Real estate agents are waiting patiently as well. Dozens of leads a week come in off the internet with people asking probing questions about the market direction and how a recession may affect them. They want to know about timing, jobs, etc. While there are many factors driving the right decision, there are many great properties for great prices and if the situation is right they buy.