Real Estate is Shifting to a Buyers Market

Sales of new and resale homes have slowed, but median prices of homes are still increasing. These gains have been smaller than previous years. As record level of unsold homes sit on the market is causing greater pressure on pricing in coming months. David Lereah, chief economist at National Association of Realtors predicts the sales slowdown has hit rock bottom. Stubborn home owners are starting to realize they need to lower the price to attract buyers. We are heading from a sellers market to a buyers market. It is a great time to buy with plenty of homes to chose from. Courtesy Orlando Sentinel 8/9/06.