Inman Poll: Insiders expect market bottom this year

By Jessica Swesey, Wednesday, June 4, 2008
We asked. You answered.

In a recent informal Inman News reader poll, 44 percent of respondents said they expect the housing market to hit bottom in the second half of 2008.

Following up were 21 percent who said they expect a market bottom in the first half of 2009.

Another 19 percent said they expect the bottom to hit in the second half of 2009, and the remaining 17 percent are remaining bearish with no expectations for a market bottom until early 2010.

Here's a look at the latest home sales numbers:

Existing home sales dropped to a seasonally adjusted annual rate of 4.89 million in April, down 17.5 percent from a year ago and down 1 percent compared to March, according to the National Association of Realtors.

The median price of all resale homes was $202,300, while the median price for resale single-family homes was $200,700 and the median price for resale condos and co-ops was $214,900. The single-family price dropped 8.5 percent and the condo and co-op price fell 3.7 percent in April compared to April 2007.
New-home sales reached a seasonally adjusted annual sales rate of 526,000 in April -- this rate is a projection of a monthly sales total over a 12-month period, adjusted to account for seasonal fluctuations in sales activity.
If you're having trouble moving properties, read "What to do if your home won't sell" by Inman News columnist Dian Hymer.