Home Sellers get Religion

[farbet]

Sermon on what counts
Commentary: After much preaching about prices, home sellers get religion

MarketWatch

Last update: 11:43 a.m. EDT March 24,

CHICAGO (MarketWatch) — You might be tempted to think that there was a remarkable resurrection in the housing market in February, given the news that existing-homes sales rose for the first time in seven months. But remember, Easter wasn’t until March.
If there was an epiphany a month early, it came from home sellers who seem to have gotten the message that the way to move inventory in this dismal market is to beat the competition on price. The median price of existing homes sold in February dropped a record 8.2% from a year earlier, to $195,900.
Lo and behold, you drop prices and sales go up, nearly 3% for the month. That isn’t what you’d call spectacular, especially given that sales are still down almost 24% year over year. But you can’t expect miracles in a month like February, a short 29 days of generally dismal weather in most parts of the country when sales are usually sluggish as everyone gears up for spring.
The sales were enough to lop 3% off of the inventory of existing homes for sale. There are now just over 4 million houses on the market, a 9.6-month supply at the current sales pace. That’s down from a 10.2-month supply in January, but…….

http://www.marketwatch.com/news/story/home-sellers-get-religion-after/story.aspx?guid=%7B61B3745F%2D1B88%2D49F0%2DBA7F%2D7258AD361C2A%7D

[gverdi]

There is a reason for this increase in sales.

February 2008 had 29 days but only 28 days in 2007, hence a
3.5% LONGER sales count for February 2008.

Statistically one can assume that for 1 more day in February 2008 we should see a 3.5% INCREASE in sale (over Febr. 2007).

What we are probably reading here is a -0.6% DECREASE in sales (adjusted for longer February) since the number reported was only +2.9%.

I don’t believe the sales will hold up for march ’08.
But who knows how many bulls are out there …

[gverdi]

There is a reason for this increase in sales.

February 2008 had 29 days but only 28 days in 2007, hence a
3.5% LONGER sales count for February 2008.

Statistically one can assume that for 1 more day in February 2008 we should see a 3.5% INCREASE in sale (over Febr. 2007).

What we are probably reading here is a -0.6% DECREASE in sales (adjusted for longer February) since the number reported was only +2.9%.

I don’t believe the sales will hold up for march ’08.
But who knows how many bulls are out there …

[gverdi]

There is a reason for this increase in sales.

February 2008 had 29 days but only 28 days in 2007, hence a
3.5% LONGER sales count for February 2008.

Statistically one can assume that for 1 more day in February 2008 we should see a 3.5% INCREASE in sale (over Febr. 2007).

What we are probably reading here is a -0.6% DECREASE in sales (adjusted for longer February) since the number reported was only +2.9%.

I don’t believe the sales will hold up for march ’08.
But who knows how many bulls are out there …

[gverdi]

There is a reason for this increase in sales.

February 2008 had 29 days but only 28 days in 2007, hence a
3.5% LONGER sales count for February 2008.

Statistically one can assume that for 1 more day in February 2008 we should see a 3.5% INCREASE in sale (over Febr. 2007).

What we are probably reading here is a -0.6% DECREASE in sales (adjusted for longer February) since the number reported was only +2.9%.

I don’t believe the sales will hold up for march ’08.
But who knows how many bulls are out there …

[gverdi]

There is a reason for this increase in sales.

February 2008 had 29 days but only 28 days in 2007, hence a
3.5% LONGER sales count for February 2008.

Statistically one can assume that for 1 more day in February 2008 we should see a 3.5% INCREASE in sale (over Febr. 2007).

What we are probably reading here is a -0.6% DECREASE in sales (adjusted for longer February) since the number reported was only +2.9%.

I don’t believe the sales will hold up for march ’08.
But who knows how many bulls are out there …

[arnie]

According to this article:
“sales go up, nearly 3% for the month” but later it says: “sales are still down almost 24% year over year.” Am I right in interpreting this as meaning that the (very early) beginning of the spring selling season shows a modest increase from January, but sales are still down year over year by 24% despite having a slightly longer month? The article is somewhat unclear (unintentionally, I’m sure) about whether the increase is compared to the previous month or the February a year ago.

[arnie]

According to this article:
“sales go up, nearly 3% for the month” but later it says: “sales are still down almost 24% year over year.” Am I right in interpreting this as meaning that the (very early) beginning of the spring selling season shows a modest increase from January, but sales are still down year over year by 24% despite having a slightly longer month? The article is somewhat unclear (unintentionally, I’m sure) about whether the increase is compared to the previous month or the February a year ago.

[arnie]

According to this article:
“sales go up, nearly 3% for the month” but later it says: “sales are still down almost 24% year over year.” Am I right in interpreting this as meaning that the (very early) beginning of the spring selling season shows a modest increase from January, but sales are still down year over year by 24% despite having a slightly longer month? The article is somewhat unclear (unintentionally, I’m sure) about whether the increase is compared to the previous month or the February a year ago.

[arnie]

According to this article:
“sales go up, nearly 3% for the month” but later it says: “sales are still down almost 24% year over year.” Am I right in interpreting this as meaning that the (very early) beginning of the spring selling season shows a modest increase from January, but sales are still down year over year by 24% despite having a slightly longer month? The article is somewhat unclear (unintentionally, I’m sure) about whether the increase is compared to the previous month or the February a year ago.

[arnie]

According to this article:
“sales go up, nearly 3% for the month” but later it says: “sales are still down almost 24% year over year.” Am I right in interpreting this as meaning that the (very early) beginning of the spring selling season shows a modest increase from January, but sales are still down year over year by 24% despite having a slightly longer month? The article is somewhat unclear (unintentionally, I’m sure) about whether the increase is compared to the previous month or the February a year ago.

[DWCAP]

Sales in January are very low, even in the best years, cause that means they were put into escrow in late November/December, and who is looking for houses then? Feburary is better because new pay and bonus’s enable people to get a headstart on the spring buying season but only if they are willing to brave January bad weather accross most of the country. March is better, April, May June, better as schools let out (ie we can move now that jonnie isnt in class) and suddenly people go on vacation till it bottoms again in December/January.
This article says that NATIONWIDE sales increased 2.9% over January, but was -24% below last Feb, even though it was a longer month this year AND prices fell by the largest amount on record. Somehow this is good news? It isnt. It is spin ment to make a headline that stats “Housing sales are UP!” so that some relator can send you a letter to the effect of “buy now or youll miss you chance”. Expect them in the mail in 2 weeks.

Oh, BTW, what isnt mentioned here basically all the buying was in the Northeast. The west had terrible sales and falling prices. But that is no matter, You obviously should worry about sales volume in Boston since it is so similar to SD. What ever happend to all RE is local huh? That goes out the window when grasping at straws.

[DWCAP]

Sales in January are very low, even in the best years, cause that means they were put into escrow in late November/December, and who is looking for houses then? Feburary is better because new pay and bonus’s enable people to get a headstart on the spring buying season but only if they are willing to brave January bad weather accross most of the country. March is better, April, May June, better as schools let out (ie we can move now that jonnie isnt in class) and suddenly people go on vacation till it bottoms again in December/January.
This article says that NATIONWIDE sales increased 2.9% over January, but was -24% below last Feb, even though it was a longer month this year AND prices fell by the largest amount on record. Somehow this is good news? It isnt. It is spin ment to make a headline that stats “Housing sales are UP!” so that some relator can send you a letter to the effect of “buy now or youll miss you chance”. Expect them in the mail in 2 weeks.

Oh, BTW, what isnt mentioned here basically all the buying was in the Northeast. The west had terrible sales and falling prices. But that is no matter, You obviously should worry about sales volume in Boston since it is so similar to SD. What ever happend to all RE is local huh? That goes out the window when grasping at straws.

[DWCAP]

Sales in January are very low, even in the best years, cause that means they were put into escrow in late November/December, and who is looking for houses then? Feburary is better because new pay and bonus’s enable people to get a headstart on the spring buying season but only if they are willing to brave January bad weather accross most of the country. March is better, April, May June, better as schools let out (ie we can move now that jonnie isnt in class) and suddenly people go on vacation till it bottoms again in December/January.
This article says that NATIONWIDE sales increased 2.9% over January, but was -24% below last Feb, even though it was a longer month this year AND prices fell by the largest amount on record. Somehow this is good news? It isnt. It is spin ment to make a headline that stats “Housing sales are UP!” so that some relator can send you a letter to the effect of “buy now or youll miss you chance”. Expect them in the mail in 2 weeks.

Oh, BTW, what isnt mentioned here basically all the buying was in the Northeast. The west had terrible sales and falling prices. But that is no matter, You obviously should worry about sales volume in Boston since it is so similar to SD. What ever happend to all RE is local huh? That goes out the window when grasping at straws.

[DWCAP]

Sales in January are very low, even in the best years, cause that means they were put into escrow in late November/December, and who is looking for houses then? Feburary is better because new pay and bonus’s enable people to get a headstart on the spring buying season but only if they are willing to brave January bad weather accross most of the country. March is better, April, May June, better as schools let out (ie we can move now that jonnie isnt in class) and suddenly people go on vacation till it bottoms again in December/January.
This article says that NATIONWIDE sales increased 2.9% over January, but was -24% below last Feb, even though it was a longer month this year AND prices fell by the largest amount on record. Somehow this is good news? It isnt. It is spin ment to make a headline that stats “Housing sales are UP!” so that some relator can send you a letter to the effect of “buy now or youll miss you chance”. Expect them in the mail in 2 weeks.

Oh, BTW, what isnt mentioned here basically all the buying was in the Northeast. The west had terrible sales and falling prices. But that is no matter, You obviously should worry about sales volume in Boston since it is so similar to SD. What ever happend to all RE is local huh? That goes out the window when grasping at straws.

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