Is the Real Estate Market on the Rebound?

That's what an article in The Californian seems to ask, reporting that the average number of days a house sits on the market seems to be...

That's what an article in The Californian seems to ask, reporting that the average number of days a house sits on the market seems to be peaking...

Homeowners who sold their houses this spring were able to do so in an average of just under two months, according to data from the Southwest Riverside County Association of Realtors, which represents most local agents. The time-on-market figure, a key statistic, rose from 17 days in the March-to-June period of 2004 to 53 days in the same four months of 2006, but has stabilized, edging up to just 57 days in the last four months.

Read the full article here.
http://www.nctimes.com/..../8_22_547_16_07.txt

The article relies on real estate agents to provide supportive testimony on the notion that the market is picking back up. Certainly, Realtors are going to say positive things about the market, because they need the business. So, is the housing market truly improving for home sellers?

My guess is that what we're seeing are home sellers dropping their listing prices. Whereas before they were asking for way too much, now they are cutting another $20K or $30K off the price in an attempt to expedite their sell. That will shorten the average days on the market, but doesn't mean home sellers are walking away with smiles on their faces.

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