We’ve gone negative! The Case-Shiller Index for San Diego declined 0.08% in August from the previous month. The sound bites won’t mention that we’re still up +5.07% year-to-date, which is a good eight-month run historically. Instead, buyers will be more inclined to wait, and sellers will shrug it off:
These are the Case-Shiller Index NSA changes below for San Diego:
Month | ||
Jan ’13 | ||
Feb ’13 | ||
March ’13 | ||
April ’13 | ||
May ’13 | ||
June ’13 | ||
July ’13 | ||
August ’13 | ||
September ’13 | ||
October ’13 | ||
November ’13 | ||
December ’13 | ||
January ’14 | ||
February ’14 | ||
March ’14 | ||
April ’14 | ||
May ’14 | ||
June ’14 | ||
July ’14 | ||
Aug ’14 |
Here is the chart of the SD CSI Calendar Year Performance – what a ride:
Year | |
2004 | |
2005 | |
2006 | |
2007 | |
2008 | |
2009 | |
2010 | |
2011 | |
2012 | |
2013 |
CS was on CNBC just now talking about negative price action/slowing in SD and elsewhere,
Of course they were trying to get him to say then next crash is nigh, but he was having nothing to do with it.
If there is a move down I think it has to come from the builders, there is not enough must sell now!! Inventory to do much damage in used homes IMO.
Also I think the stock market spooked the housing market last month IMO.
I guess we will see.
To Robert Shiller, the co-founder of the Case-Shiller index and a professor of economics at Yale University, the latest data is open to interpretation.
“I’ve learned over the years forecasting home prices that the latest month is very important, but the trend is also important … so what we’ve seen nationally is big increases a few months ago and now a softening,” Shiller said Tuesday on CNBC’s “Squawk on the Street.” “So what that means, the latest month suggests price declines might be coming, but if you mix that in, it’s kind of an ambiguous situation. Maybe they won’t do much of anything.”
http://www.cnbc.com/id/102126693
If you look at San Diego County as a whole, and not specific regions its giving back at a fair pace right now.
No the floor isn’t dropping out but you’ll see negative drops continue until spring in my opinion.
Every email alert on a listing right now is a reduction, this August data is already old news.