Last month, the median price per square foot of existing homes sold in
San Diego rose notably — by 2.2 percent for single family homes, 2.5
percent for condos, and 2.4 percent in aggregate:
The Case-Shiller proxy nonetheless declined, since it’s based on a
three-month average and the past two months were pretty bad:
Here are the above two charts lined up with calendar years, for
watchers of seasonal patterns:
Sales dropped to what appears to be the typical seasonal extent lately:
Pending sales were up, but nearly as much as in February 2010.
Inventory rose for the first time since beginning its late-2010 decline:
And months of inventory were very slightly down:
The apparent monthly jump in prices notwithstanding, the ratio of
supply to demand was nearly unchanged between January and
February. And while months of inventory were down from the
insalubrious levels of late last year, they were still quite a bit
higher — 26%, to be exact — than they had been a year back in
February 2010. The decline in months of inventory and the
increase in pricing imply that the market might show a bit more
strength than it has recently, but I wouldn’t expect a spring rally
anything like what we saw last year.
More good data, as always.
More good data, as always. Looks like more of the same, but a bit slower than the stimulus-fed years of late. The market feels slower to me this spring than in past years. It will be interesting to see if things pick up more through the spring. Otherwise, it looks like we will have another very slow year (feels like 2007-ish).
The through-the-floor building starts and permits pulled might be telling us something, too.
Thank you, Rich!
Interesting to see how
Interesting to see how closely the Case Shiller and the median price track each other. I wonder how much more predictive a three month moving average is of trends though?
Great data, Rich. Keep up
Great data, Rich. Keep up the good work.
Great info for San Diego. I
Great info for San Diego. I am always looking to see what is going on in other markets. Two depressing national stats I recently saw is that FL properties are 20% vacant and that last month was saw the second largest decline in resales on record.