The year-over-year change still looks great considering it’s compared to April, 2013 which already had some frenzy-boost in it. The month-over-month trend is probably the most relevant, and one to watch.
These are the Case-Shiller Index NSA changes below for San Diego:
| Month | ||
| Jan ’13 | ||
| Feb ’13 | ||
| March ’13 | ||
| April ’13 | ||
| May ’13 | ||
| June ’13 | ||
| July ’13 | ||
| August ’13 | ||
| September ’13 | ||
| October ’13 | ||
| November ’13 | ||
| December ’13 | ||
| January ’14 | ||
| February ’14 | ||
| March ’14 | ||
| April ’14 |
Robert Shiller, co-founder of the Case-Shiller index and a professor of economics at Yale University, said on “Squawk on the Street” that he remains bullish on the housing recovery.”The housing market is actually better than public perception,” he said. “There has been a lot of momentum, upward momentum, and I’m not sure that that’s gone.”
He added: “The market is going up faster than people perceive it. It’s actually a better market than people think and expectations are not really very high yet for home price increases.”
Prof. Shiller told CNBC he felt prices “went up way too high in 2006 and they came down like 50 percent, and now they’re going up. They look about right and you know, I hope people just don’t get so worked up about them.”
New home sales were kind of surprising, kind of expected a pullback just looking around SD anyway.
But I think it shows there was a Snow effect on home sales.
“The surge was spearheaded by a 54.5% gain in the Northeast, the biggest advance in almost two years. “
Maybe the exurbs are taking the lead now in SoCal as well.