Months of Inventory is up 7% compared to December 3^rd.  Overall, the market is still a buyers’ market that is much stronger in some communities than in others.

The micro-markets continue with large variations between cities from 7.75 months in Moraga to 28.67 months on Pittsburgh.

We will see a gradual increase in pending sales from now to the peak selling period of March through June.  We have excellent interest rates on conforming loans ($417,000) at around 6% with jumbo loans slightly higher.  Prices are attractive and the selection of homes for sale is plentiful.  This is an ideal situation for your buyers, a window of opportunity.

2007 was a challenging year for real estate, but keep it in perspective.  2007 was the fifth best year in number of sales in our nation’s history with approximately 5.9 million existing homes being sold.  NAR projects 2008 to be 6.3 million homes sold, a 7% increase in transactions.

Average sales price of existing homes nationally in 2007 is estimated to be up 1.15%.  Year over year prices have never dropped since The Great Depression of the 1930’s.