Last month SD RE Prices up 2.1% sales up 34% . . . is market firming????

[sdrealtor]

It is too early to tell because there are so many end of month closings and late reporters. With that said, based upon what I am seeing so far on a y-o-y basis:

Attached market volume stabilized a bit. Closings should be flat or maybe even up a little. Prices look to be flat also based upon the means.

Dettached market volume down about 20%. Prices on a $/sqft basis down about 3.5% so far.

My take is what I’ve been saying for several months now. A quick initial decline and then slow decay for the rest of the cycle with most of the decline ona real rather than nominal basis. The attached market took a big hit early on and the decline from here seems to be slowing down its pace. The detached market started its decline and we’ll see a decent nominal drop starting in late Summer and then prices with stabilize a bit on a nominal level next Spring. Also, some areas will fare much better than others.

In my submarket sales volume is already up about 20% over last year and should end up with an increase of 30% over last April.
Take it for what its worth.

[SHILOH]

“articles like these make me think the bottom may not be far away . . . or worse may have already passed.”

I don’t get this, how can the bottom have passed when there is a glut of inventory and a credit crunch for those who otherwise would be buying these overpriced homes?

A lot of inventory + more inventory from foreclosures + no buyers….it would seem would equal lower prices.
Like any supply and demand.

Those who are holding the properties carry all the liablities and ownership costs, so it’s in their interest to rid themselves, but if there are no buyers, then an incentive would be to lower prices even more.

[little lady]

“Despite the drop, David Cabot, president of the San Diego Association of Realtors, saw positive growth in the report.”

He needs new googles………

[masayako]

schizo2buyORnot,

If you think the housing price has bottomed, go ahead and buy. It’s that simple.

Masayako

[LA_Renter]

sdrealtor,

I agree with you as long as the economy avoids recession. If we go into negative job growth I anticipate another leg down in nominal prices then a flattening out period. We haven’t seen how this downturn has truly impacted the economy just yet. IMO.

[lonestar2000]

Never fear:
http://money.cnn.com/2007/05/01/news/economy/homesales/index.htm?postversion=2007050110

[sdrealtor]

I dont worry about the national market. It’s different here.

[Author]

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