The National Association of Realtors is reporting that it expects that sales should rise in 2008, along with median home prices rising to $245,400.
This trend is already being seen in such towns as Redding, CT, where average days on market remain fairly steady as average home prices increase. In June 2007 the average price was reported near $865,000 -- up from the average of $802,000 in 2006.
While Redding, CT, is a small town -- with a population of about 9,000 -- it is a great example of how real estate markets are local, meaning that while national trends may be predicting sharp rises or declines, local markets carry their own tune.
Local markets are heavily dependent on local economies -- and Redding, just an hour drive from New York City, was rated by CT Magazine as the number one small town.
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