Lots of poking around, but no mention of sellers asking too much:
http://dqnewspressreleases.blogspot.com/2014/12/november-southland-home-sales-press.html
“Southern California home sales are closing on a low note in 2014,” said Andrew LePage, data analyst for CoreLogic DataQuick. “Inventory still lags demand in many markets and traditional buyers haven’t filled the void left by the investors who’ve pulled out. Among would-be buyers, affordability and mortgage availability remain as hurdles, as do concerns about job security and the direction of the housing market.
But there are reasons to expect more housing demand ahead. According to recent data from the federal government, job and income growth has improved. Many people who became renters after a foreclosure or short sale over the past seven years will want to buy again. And potential home buyers sitting on the fence might be tempted to jump off if they see evidence that mortgage rates will spike from today’s exceptionally low levels.”
Good thing we got all those gains out of the way in the first half of the year eh?
I’m more concerned about the Inland Empire numbers. I have to imagine a lot of those purchases were with the intention of moving up after a bit. Stucco.
Any way we can run a comparison of median LIST price year over year? I have a sneaky idea that the % rise in that metric might provide a little more clarity…
Amazing, prices go up, and sales volume goes down….
Guess that high school econ book was right!
Any way we can run a comparison of median LIST price year over year? I have a sneaky idea that the % rise in that metric might provide a little more clarity…
Median List Price for San Diego County, using the Department of Numbers which must include all property types:
http://www.deptofnumbers.com/asking-prices/california/san-diego/
December 2013: $482,580
August 2014: $545,000 (DofN quit this month)
December 2014 from MLS: $520,000
Looking at the history of the median list price over the years, it peaks in summer and comes down the rest of the year – except in 2012 and 2013 when the frenzy had propped up seller expectations.