San Diego Housing Market News and Analysis
May 2011 Resale Data Rodeo
Submitted by Rich Toscano on June 13, 2011 - 7:04pm
All the gloom and doom about the national market notwithstanding, the median price per square foot of San Diego resale homes nudged up again in May:
The increase wasn't terribly impressive... for the month, this price indicator was up .5% for single family homes, 3.1% for condos, and 1.1% in aggregate. (The single family series is the most reliable and should be given the most weight). But any increase at all seems like a positive in the wake of the pessimism that resulted from the March Case-Shiller release.
On that note, here's a look what the April and May Case-Shiller numbers may look like if the median price per square foot is giving a good read on actual price changes:
Same two charts, lined up by calendar year. We are in what is typically the strong season:
The number of closed sales increased slightly. Sales were below their year-ago levels, but the tax credit stimulus was still in place in May 2010 so I don't think that's very meaningful:
Pendings also were up a bit, and were pretty much unchanged from a year ago:
Inventory rose slightly once again:
And months of inventory remained flat at just under 5 months:
The balance between supply and demand looks healthy enough... slightly above 2010 levels but not by much (and with no tax credit stimulus about to expire).
For those seeking the next big leg down in housing, it doesn't seem to be happening here in San Diego. Of course, we are in the strongest part of the year, so the market could weaken down the road. But for now, it continues to hang in there.
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