The National Auctioneers Association’s latest data shows a slowing in residential real estate sales, a sharp twist for what’s been seen as this industry’s fastest growing niche.
NAA estimates for the first half of 2007 show residential real estate sales up just 0.3% vs. the year-ago period. Residential real estate was NAA’s fastest grower (39.2% rate, 2003-06) in terms of sales dollars. Land and agricultural real estate was next at 33% estimated growth, followed by commercial and industrial property at 27.4%
Residential properties aren’t alone in an ‘07 auction slump: Land and ag real estate is down 0.8% in the first half of ‘07 while commercial/industrial property is off 0.1%.
Despite the ‘03-’06 growth, residential real estate was only 6.3% of the 2003-2006 auction industry sales that averaged ($230 billion annually in the period. Autos were tops at 37.8%.
interesting data.
Does this data include ALL homes that were at auction? or just what actually sold at the auction?
I know some homes were at auction but didn’t sell. Are those included in the numbers?
Autos 37%..
I figure the nice cars are the first to go in a distressed situation. No surprise there. Just my opinion.
There will be many default car payments and skyrocket inventory in 2008. Guarateed.