The mainstream media has really been loading up and blasting the negativity this week, since the housing stats came out. The people they interview get caught up in the hoopla too, and the more negative you are, the more you’ll see yourself on TV!
I went to a seminar yesterday, and it was happening there too. Local realtors were spewing negative statistics that were blatantly false when checked later on the MLS – and not even close to accurate. Question authority!
Readers TJ and the Bear and John both asked about the claim on zerohedge that no new homes sold in July over $750,000, for the second month in a row – and I think he’s referring to the USA.
There were 14 new homes closed in June, and 2 in July in San Diego County. But the new-home stats are based on when escrow is opened, so the claim may be that no buyers signed a contract last month. But how many new homes are being built that are priced over $750,000? I’ll check with Bridle Ridge today, and maybe Davidson in Carlsbad, but there aren’t many around here.
The claim was also that the high-end market is becoming “non-existant”.
There were 469 detached listings on the MLS that were priced over $750,000 that opened escrow in June and July (251 and 218), and 334 of them have closed. So apparently buyers exist. Can the new-home builders compete with existing homes, and will they?