The previous reading of the San Diego Case-Shiller Index was +0.29%, and the latest gave almost all of that back. December’s reading was -0.24%, making it four out of the last five that were in negative territory. But the three-month above shows that the end of 2014 was flatsville.
Bob Shiller should be checking in later with his usual whamsy-pamsy remarks, and Dr. Blitzer continues to be focused on what’s wrong – he has to be a lot of fun at parties:
“The housing recovery is faltering. While prices and sales of existing homes are close to normal, construction and new home sales remain weak. Before the current business cycle, any time housing starts were at their current level of about one million at annual rates, the economy was in a recession” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “The softness in housing is despite favorable conditions elsewhere in the economy: strong job growth, a declining unemployment rate, continued low interest rates and positive consumer confidence.
…the end of 2014 was flatsville.
If only someone could have predicted this a year ago. 😉
You should get someone to give you a paying gig!
Likely to be the same this year, with a shorter hot streak/more flatsville.
I’m thinking 2015 is a bit of a pause in repeat sales prices but a continued rise in median and even more vice average on flat volume.
I also expect strong rent increases narrowing the long persisting price/rent gap.
Agreed on all counts, especially on the median price rising purely due to picky buyers choosing the more-premium properties.