Two top housing economists forecast some encouraging but tempered predictions for the housing market over the next few years during an economic session at the National Association of Realtors® Midyear Legislative Meetings & Expo today.

Top housing economists, Lawrence Yun, NAR chief economist, and Mark Zandi, chief economist and co-founder of Moody’s Economy.com, forecast some encouraging but tempered predictions for the housing market over the next few years. Both agree that job creation is key to an economic and housing recovery, with an improvement in job creation as 2010 progresses. However, they differed somewhat on the impact that foreclosures will have on home price stabilization. Yun expects a slightly stronger demand for housing and a fairly even level of foreclosures. Zandi forecasts an improving demand for housing with foreclosures rising later in 2010 before easing in 2011. Both economists project mortgage interest rates will remain historically low, the availability of jumbo loans will improve and home sales will rise over the next few years.

Let's look at April real estate sales to see how the Montgomery AL real estate market is faring.

Montgomery AL real estate sales statistics for April show pending sales have increased by 8% in 2010 compared to April 2009. The average sales price increased by 9% to $136,662 while sold listings were up by 8% from 2009.  Market times were 27 days more than 2009.

Midtown
Montgomery

Pending
Sales

Sold
Listings

Average
Market Times

Average
Sales Price

Apr 2010

64

37

116

$136,662

Apr 2009

59

34

89

$125,026

For the latest Montgomery AL real estate market conditions in your area, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.

Information is provided by the Montgomery Area Association of Realtors and is deemed accurate but not guaranteed.