Sacramento Association of REALTORS® Web Log

Dear C.A.R. Member:

2009 has been a thought-provoking year for the real estate industry in California, both for REALTORS® and for our clients. In many instances, it has been a year without precedent. Like most of you, I’ve wondered what 2010 will bring. Many of my questions and concerns were addressed at the opening luncheon during CALIFORNIA REALTOR® EXPO 2009. C.A.R. Vice President and Chief Economist Leslie Appleton-Young deftly navigated her way through the Association’s official forecast for the 2010 housing market, putting today’s market into historical perspective and setting the stage for the future.

The upshot is that, statewide, we can expect the median home price to rise 3.3 percent to $280,000 in 2010, while sales will moderate to a more sustainable pace, posting a 2.3 percent decrease next year. 2010 should mark the beginning of a “new normal” for California’s housing market, and likely will feature a steady stream of sales driven by distressed properties in the low end of the market, coupled with moderate home-price appreciation.

Continue reading: October 2009 Message from C.A.R. President James Liptak