We’ve doubled the number of negative readings of the local Case-Shiller Index, and they are picking up steam!
But seriously, any monthly change of less than 1% just means prices are stagnant, and in San Diego it’s been like that since the April reading. If prices were flat during the prime selling season, we’re probably fortunate that they’ve held up this long.
Economist Robert Shiller told CNBC’s “Squawk on the Street” the reading was not exciting, and he noted that the winter season is historically slow for home sales. ”We haven’t expected exciting growth for a while, but it does look like seasonally adjusted home prices are still growing,” he said.
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 | ||
| August ’14 | ||
| September ’14 |
Safe to say almost all of the appreciation is/was in the first half of the year? 😉
Yep – how ’bout next year?
Looking for an early prediction? 2015 seems to be shaping up for 8-10% increases but not because of price appreciation but market drift toward higher priced housing that has appreciated but hasn’t transacted as a portion of total sales. More of the houses that transact will be the more expensive lower turnover properties. THere will also be leftover major renovations that took long enough that they might sneak past the filters meant to catch flips.
Troy Polamalu, the All-Pro safety for the Pittsburgh Steelers, and his wife, Theodora, have sold their home in La Jolla for $2.5 million.
Records show that Polamalu and his wife paid $4.75 million for the home in 2009. In 2011, the couple sued Harry Rady, son of billionaire financier Ernest Rady, HRMR Holdings Inc., a construction company in which Rady was an investor, and other parties seeking damages of $7.5 million after the backyard of the La Jolla property collapsed into the canyon below.
In June of this year, Polamalu and his wife were awarded $4.25 million in punitive damages from HRMR Holdings, according to San Diego County Superior Court records.
http://www.latimes.com/business/realestate/hot-property/la-fi-hotprop-troy-polamalu-house-20141125-story.html
Photo of collapsed back yard:
http://www.lajollalight.com/news/2011/jun/10/nfls-polamalu-files-suit-over-damages-to-lj/