This article matches what we've been seeing and feeling at the coast. I think the best way to describe it is that prices seem to have stopped falling, as buyers begin to take a look at what is out there, priced reasonably.
What do you think?
NAR NEWS
Home Sales Rise in Sign of Market Stabilization
Existing-home sales rose slightly in November, indicating an improvement in housing in the wake of mortgage disruptions earlier this year, NAR says. Total existing-home sales, including single-family, townhomes, condominiums and co-ops, rose 0.4 percent to a seasonally adjusted annual rate of 5 million units from an upwardly revised pace of 4.98 million in October. "Near term, existing-home sales should continue to hover in a narrow range, just as they have since September, and that's good news because it'll be a further sign that the housing market is stabilizing," says Lawrence Yun, NAR chief economist. "Mortgage interest rates are near historic lows and the most current data shows decelerating price declines, along with a modest reduction in the number of homes on the market." Disruptions in mortgage availability and pricing peaked in August, which caused sales to slow in subsequent months.
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