The latest Case-Shiller/S&P report, the index measuring same-house sales, has the March numbers out today. They noted, “San Diego, in particular, has stood out with 11 consecutive months of increasing home prices.”
San Diego was the only town in their top 20 that had all positives:
According to the MLS, year-over-year SD detached sales were lower in April, but there could have been many that dragged into May to catch the state tax-credit:
|April||# of Sales||$$/sf||SP:LP|
If the banks/servicers keep the extend-pretend tour alive by postponing the vast majority of trustee sales, will the streak continue? Buyers are increasingly frustrated by the lack of quality inventory, and what appears to be relative stability in pricing.
Will buyers concede? It might depend on how the media portrays the May sales numbers. The tax credits haven’t caused Y-O-Y sales to improve during the May 1-15 period, though the late-reporters might make it a close race:
|May 1-15||# of Sales||$$/sf||SP:LP|
It was in March, 2009 that the stock market rebounded, and real estate did the same as mortgage rates dipped under 5% – reflected in the May, 2009 closings. Where do we go from here?