We keep hearing that inventory is growing, but what does that mean? In the traditional way that the media reports it, a growing inventory means that there are more active listings of homes for sale. The assumption is made that this is 'good' and 'getting back to...
This was a good deal - it went pending this afternoon:
We've heard all the hubbub about higher mortgage rates having a negative effect on the real estate market. But the non-taper has caused rates to come back a bit - we are now down around 4.375% for 30-year conforming rates. For those who had their heart set on having...
During the frenzy, any house that was within 10% of being right on price would sell. The real evidence of a slowdown is when those houses that appear close enough aren't selling.
Shiller also said that a housing slowdown would be a good thing, and I agree. Thanks to avgjoe for sending this in!
The non-seasonally-adjusted SD index moving at a less-torrid pace: Month M-O-M Y-O-Y March '13 +2.0% +12.1% April '13 +2.8% +14.7% May '13 +3.2% +17.3% June '13 +2.8% +19.3% July '13 +2.0% +20.4% “Home prices gains are holding their 12% annual rate of gain established...
These sellers paid $500,000 in February.
Bill at CR brought up today how the national inventory of active listings has "bottomed", and is trending upward: http://www.calculatedriskblog.com/2013/09/weekly-update-existing-home-inventory_23.html The group of "unsolds" has been growing in San Diego too - from...
To give you an example of pricing accuracy, let's compare today's list prices to the average $/sf of last month's solds. There were 227 detached homes that sold under $1,200,000 last month, and they averaged $381/sf - and today's list prices are averaging $398/sf,...
We've seen signs of slowing, but sellers are able to control their own destiny:
