After a pretty steady rise for the year to this point, home prices
(as measured by the median price per square foot) largely flattened
out in July:
However, inventory declined again:
And months’ of inventory remained very low by historical standards
(the price indicator is still rising in the first graph because it
is using an estimate of the Case-Shiller Index, which is based on 3
months of sales prices):
In short, while prices flattened out as we started to enter the
weaker (for housing) half of the year, supply remained quite
constrained, which should be supportive of prices in the months
ahead.
More graphs:
If I might be indulged in a
If I might be indulged in a completely selfish question…
Do any readers have an opinion on the 1 million dollar range homes? I’m currently (half-heartedly) looking for houses in the .8 to 1.2 million range on the coast (La Jolla, Pacific Beach) and it sure seems like prices have been going down in the last three months. Of course, I’m simply basing this on following Zillow and Redfin and seeing many price reductions. Curiously, I’m also seeing a lot of houses going into “pending” and then back to “active”. Again, these are just my observations based on comparing the last 3 months with the 3-6 months before that.
Rich’s article doesn’t break down the recent price increases, and most recent levelling off, into price categories or specific geographical areas.
Any thoughts on this? Perhaps there are some realtors or others with access to more data that can tell me I’m correct or crazy.
Thanks, Dave
bibsoconner wrote:If I might
[quote=bibsoconner]If I might be indulged in a completely selfish question…
Do any readers have an opinion on the 1 million dollar range homes? I’m currently (half-heartedly) looking for houses in the .8 to 1.2 million range on the coast (La Jolla, Pacific Beach) and it sure seems like prices have been going down in the last three months. Of course, I’m simply basing this on following Zillow and Redfin and seeing many price reductions. Curiously, I’m also seeing a lot of houses going into “pending” and then back to “active”. Again, these are just my observations based on comparing the last 3 months with the 3-6 months before that.
Rich’s article doesn’t break down the recent price increases, and most recent levelling off, into price categories or specific geographical areas.
Any thoughts on this? Perhaps there are some realtors or others with access to more data that can tell me I’m correct or crazy.
Thanks, Dave[/quote]
.8 to 1.2 range is essentially very average for LJ. Just looking at closed sales over the last month from sdlookup, the bulk of the sales were in tht range, maybe around 60%. I say around 40 homes. There are roughly 60 active listings in that price range.
Things are moving…