Number of Homes on the Market Still Rising

Homes For Sale Nearly Double In One Year

Donna O'Donnell, President of the Multi-Regional Multiple Listing Service, Inc. (MRMLS) announced that the number of homes listed for sale in the MRMLS is the highest number in 8 years at more than 34,700. The months supply of homes on the market has nearly doubled since the same period last year to 13.2 months and the average number of days it takes to market a home has increased 46.3% to 79 days.

How often do you think about the issue of data security?  Did you write a check today?  Did you make a purchase using a credit or debit card?  Did you make a phone call on your office, home, or cell phone?  Did you meet with a new client looking to buy or sell a home?

When showing a home, always have your prospect walk in front of you.  You can never be too careful.

Topics in the News:

• AB 2429 (Negrete McLeod) is now law
• Changes in the market may lead to new legislative challenges
• Builder confidence is declining
• U.S. housing starts declining
• Americans turning to Internet for news

Housing sales decreased 30.1 percent in August, but the median price of a home in California is at $576,360, up 1.6 percent from one year ago.

The rate of home price appreciation will post a modest decline next year following several years of steep increases, while the sales pace will decrease as the market stabilizes throughout 2007, according to the CALIFORNIA ASSOCIATION OF REALTORS®.

The NATIONAL ASSOCIATION OF REALTORS® reports that pending home sales were down slightly in September and that home sales are expected to hold fairly steady in the months ahead.

"Home ownership is a safe, secure way to build long-term wealth." 

NAR's new national advertising points out that:

• Interest rates have fallen seven months in a row and are near 40- year lows. 


• Inventories of exisiting homes are higher than they have been in decades.


• Home prices have stablized.

The NATIONAL ASSOCIATION OF REALTORS® has a free resource guide to help real estate practitioners become more knowledgeable and involved in local smart growth issues.  The guide, Smart Growth: A Toolkit for REALTORS® address all aspects of smart growth planning and development.  The ultimate goal is to arm members and their local and state REALTOR® associations with the information and tools they need to address local issues and help make development decisions.

The Pew Research Center conducted a nationwide poll which indicated that despite recent slumps in the housing market, most U.S. homeowners are optimistic about the value of their properties.  About 55 percent expect the value of their homes to go up a little, while 26 percent expect values to take a plunge.

MRMLS Congratulates the 2007 Board of Directors

Every year the Associations name one member to represent them on the Board of Directors.  Congratulations to the following individuals who will serve in 2007: