Elliman Report? Why those crash predictors have not prevailed

After reading this report + the NY times article, I am frustrated that those people on here kept on predicting a market crash with prices dropping. The first quarter sales reports from various companies are being published with prudential douglas elliman being the first. My rent will be increased by 13%. that sucks! Here's an excerpt: FIRST QUARTER MARKET REPORT Number of sales up (73.3%) from... [more]

After reading this report + the NY times article, I am frustrated that those people on here kept on predicting a market crash with prices dropping. The first quarter sales reports from various companies are being published with prudential douglas elliman being the first. My rent will be increased by 13%. that sucks! Here's an excerpt: FIRST QUARTER MARKET REPORT Number of sales up (73.3%) from same period last year, a record (although some of the increases are due to co-op sales data being added to public record for the first time). This means that buyers are returning to the market. Listing inventory dropped (14.2%) from the same period last year and remains below levels seen at the end of 2006. The increased demand is helping the market absorb the inventory that is entering the market. Listing discount fell (2.6%) from the 2.8% discount seen this time last year. Sellers are remaining realistic about setting list prices for the moment. Median sales price up (1.2%) to $835,000 as compared to the same period last year. Prices are generally stable with some price spikes at the upper end. Average sales price down (0.8%) to $1,290,391 as compared to the same period last year. Market share gains of studios pulled down the overall average sales price. [less]