What’s happening in the market place?


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Some interesting data as reported (reproduced with permission) by Personal Real Estate Investor Magazine:

If you have been watching the headlines, the reports have mostly looked bad.

    May new home sales were the worst since 1963. These just incidentally represent less than 8% of the total home sales market because they are mostly built and sold by publicly traded companies that affect the Wall Street Housing Index and create jobs, so they are considered of undue importance to the larger market. May existing home sales dropped following the on again off again home buyer tax credit.  July pending sales were reported to have also reached their lowest point since the peak in 2005. That is the top line national data.

    The underlying MLS block inventory data looks a lot different with hotter markets showing a minor slow down in inventory absorption while more stable markets are seeing continued sell down at improved rates. The major markets in the West reported here are still on the buyers’ side of a balanced market with slowing sell through and not a ton of new inventory coming to market. Banks with inventory are not dumping homes as they know this will be poisoning their own wells. The Northeast markets reported here are stable, with Baltimore still a solid buyers’ market. Midwest and Southern markets are still trending toward balance but still favoring buyers. Prices are even ending up in some markets per Case-Shiller.

See the data.

One Response to “What’s happening in the market place?”

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