Monday, July 24, 2017

Funny Real Estate Quote from 10 Years Ago

by Bill McBride on 7/24/2017 03:51:00 PM

Time flies!

Ten years ago, the NAR reported existing home sales of 5.75 million SAAR for June 2007. Since then sales for June 2007 have been revised down to 5.120 million SAAR.

Note: Earlier today, the NAR reported June 2017 sales at 5.52 million SAAR - after several years of increasing sales.

Ten years ago, NAR's senior economist said:

"It is too early to say if home sales have already passed bottom," said Lawrence Yun, the senior economist for the group in the report. "Still, major declines in home sales are likely to have occurred already and further declines, if any, are likely to be modest given the accumulating pent-up demand."
Yes. It was too early to call the bottom - by several years. And sales fell much further to a low of 3.3 million SAAR in July 2010 (Sales for a number of months were below 4 million SAAR).