Have you seen these real estate numbers? | Chappaqua Realtor Robert Paul
December Numbers Finally Came In. They're Bad
Yikes, the numbers just out for December 2011 show another 1.1% price drop:
| Market | MoM Price Change | YoY Price Change | Date of Max Price | Change from Max Price | Prices Last at This Level | # of Months of Decrease |
| Phoenix | 0.8% | -1.2% | Jun-06 | -55.2% | Mar-00 | 0 |
| LA | -1.1% | -5.2% | Sep-06 | -40.8% | Aug-03 | 5 |
| San Diego | -0.7% | -5.4% | Nov-05 | -39.9% | Sep-02 | 5 |
| Bay Area | -0.8% | -5.4% | May-06 | -41.1% | Dec-00 | 5 |
| Denver | -0.9% | -0.4% | Aug-06 | -11.9% | Apr-02 | 4 |
| DC Area | -1.2% | -1.6% | May-06 | -28.4% | Apr-04 | 3 |
| Atlanta | -1.8% | -12.8% | Jul-07 | -36.0% | Dec-97 | 5 |
| Chicago | -2.0% | -6.5% | Sep-06 | -34.6% | Mar-01 | 4 |
| Boston | -1.2% | -2.6% | Sep-05 | -18.6% | Feb-03 | 5 |
| Las Vegas | -0.8% | -8.8% | Aug-06 | -61.4% | Jan-97 | 6 |
| New York | -1.2% | -2.9% | Jun-06 | -24.4% | Dec-03 | 4 |
| Portland | -0.4% | -4.0% | Jul-07 | -28.8% | Sep-04 | 3 |
| Dallas | -0.7% | -1.3% | Jun-07 | -10.5% | Apr-02 | 4 |
| Seattle | -1.3% | -5.6% | Jul-07 | -31.9% | May-04 | 5 |
| 20 City Index | -1.1% | -4.0% | Jul-06 | -33.8% | Feb-03 | 4 |
But Prices Will Probably Stop Falling
January will probably be down too just because the index is a three-month moving average but, as we predicted last year, the market is turning:
- Pending sales for January 2012 rose 8% from January 2011.
- The supply of homes nationwide dropped to a six-year low.
- Over the past year, inventory declined in 145 of 146 U.S. markets.
- In the last three months of 2011, foreclosure inventory dropped 27%.
- A survey of 1,331 Redfin buyers shows that 73% are concerned about limited inventory.
- Price-to-rent ratios are at 1998 levels, and rents are rising.
- Futures contracts now reflect investor sentiment that home prices have bottomed.
- The percentage of mortgages that are delinquent has declined for 23 months, but is still high.
- In California, more than 65% of 2012 Redfin offers have faced competition. Nationwide, the number is one in three.
- Bubble-bloggers, the gadflies who created blogs during the bubble dedicated to the thesis that real estate was over-valued, have now mostly bought homes, in New Jersey, Portland,Seattle and San Diego.
Comments