The November 2011 Case-Shiller Index was released today.
Here is the San Diego seasonally-adjusted CSI, compared to two other indicators:
|Month||No. of SD Detached Sales||Average $/sf||SD Case-Shiller SA|
It looks encouraging to me. Both of the markers on pricing are acceptable, rates are at all-time lows, and the leading indicator, number of sales, is on the rise.
But the negative soundbites will discourage consumer confidence, thwarting any euphoria building among homebuyers – who, as a result, will be reluctant to pay more than the comps. Sellers who can live with a reasonable price will have no trouble finding a buyer during the next few months.