Now the red team is drinking the ivory tower kool-aid too.
Here is their latest post, with the secondary headline that reads – Recovery Fueled by Investors is Stalled Until Traditional Homebuyers Step Up:
They call this “the most disappointing metric of the month”:
Maybe it’s because I’m such an optimist, but I am happy to see sales this high – heck, with the rapid rise in prices, sales could be a lot worse.
Buyers are being misled to think it is disappointing to not be at frenzy levels.
This year our local sales around the San Diego north county coastal region have been in line with 2010/2011 levels, which should be good enough, considering how much higher prices are:
We know that sales are the precursor to the market’s direction, and as long as they stay relatively stable and similar to previous years, pricing might hold.
But the average pricing has been a bit erratic so far in 2014:
Buyers who read the mass media are starting to believe the market is ‘disappointing’, when really it’s been terrific for a post-frenzy period. In most areas, we are at record prices and sales are holding up!