Prospective homebuyers are waiting longer to bid, and sellers don't want to lower their prices. Experts see a housing market in transition; price increases and expectations are more normal, possibly without significant price declines in the future. The overall economy is stronger than in the mid-1990s. Yet predicting future market activity is uncertain: will prices continue to slide or is single-digit appreciation the new norm?
Thanks to D. A. Varnado, AICP