I think this is the first time we’ve heard from the chief economist of realtor.com, so glad they are trying to at least stay even with Zillow in the sound bite department. From the UT:
“San Diego falls into a short list of markets where I would say demonstrably already that demand outpaces supply,” Smoke said.
“That very tight supply condition puts it in a market that has next to zero chance of seeing prices decline.”
Jed Kolko, the chief economist for Trulia, noted that people expected interest rates to rise last year, and that never happened. He listed San Diego as one of the nation’s 10 markets to watch next year, with Fresno the only other California metropolitan area to make the list. Others making the positive list are Boston, Dallas, Nashville and New York.
“They have strong fundamentals for the housing market without the risk that prices look overvalued,” Kolko said. “These are the markets who are in that sweet spot where the conditions are ripe for a strong year, without much downside risk.”
At the end of this video she mentions the most hilarious comment in the history of real estate by the Case-Shiller talking head, David Blitzer – a guy who has never been seen outside of his ivory tower:
“It’s no longer about location, location, location, it’s about data, data, data.”