The much maligned National Association of Realtors (NAR) just came out with its fourth quarter report on home sales and home prices. The title of the release was, well, true NAR style: "Metro Areas Show Greatly Mixed Home Price Performance; Half Show Gains."
It was the first paragraph, though, that really jumped out at me:
Roughly half of metropolitan areas continued to show rising home prices in the fourth quarter of 2007, according to the latest quarterly survey by the National Association of Realtors®.
Now of course I appreciate why they want to emphasize that some housing markets are still going up in price. And I'm sure the news has warmed the hearts of many a homeowner in these areas, but it still seems kind of funny to me that they're emphasizing rising prices. I guess it all goes back to the fact that so many Americans think of their home as an investment good rather than a consumption good, but still...
I already bought a house. I didn't get the deal because I didn't wait long enough (woe is me, I know), but I got a deal because I bought after the declines had already started. But the fact that home prices are falling in so many areas seems like good news for home shoppers. Or maybe my head's just screwed on backwards.
-AvgJoe
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