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Old 08-26-2008, 08:17 AM
5,458 posts, read 6,515,816 times
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California, with their 40+% median price drop year-over-year, are just a bit further along in the process than most of the country. I'd wait until this

"Deeply-discounted, distressed sales continue to drive volume in many regions of the state."
Is no longer the case before really considering a solid bottom being formed in that market. With distressed sales driving the market, I think stability is still a long way from being a sure thing.

Then again, there's only so many 40% annual price drops you can have before prices start to be reasonable again, so the bottom shouldn't be more than a few more years away.

Here's the national numbers (http://www.realtor.org/press_room/news_releases/2008/july_ehs_show_gain (broken link))

[quote]Existing-home sales – including single-family, townhomes, condominiums and co-ops – increased 3.1 percent to a seasonally adjusted annual rate of 5.00 million units in July from a downwardly revised level of 4.85 million in June, but are 13.2 percent lower than the 5.76 million-unit pace in July 2007.
Total housing inventory at the end of July rose 3.9 percent to 4.67 million existing homes available for sale, which represents an 11.2.-month supply at the current sales pace, up from a 11.1-month supply in June.[quote]

So there's a slight blip up in sales (after two months of drops), but they're still lower than last year. The increased sales aren't keeping up with the rising inventory, however.
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Old 10-08-2008, 11:40 AM
Location: Chino, CA
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Just wanted to continue to post the CAR (California Association of Realtors) data on this thread since I've been doing it for a couple of months now. August 2008 Sales Continue to surge on 56.7% higher than a year ago and 1.8% higher than in July...

In addition, today we find the September Pending Home Sales for the Nation increasing 7.4% from last month and 8.8% from last year. So, in spite of the end of the "sales" season, and kids are back in school... sales can potentially continue to increase as prices decrease (albeit at a slower pace). In the West, Pending Home Sales for September is 18.4% higher than July.

Highlights of C.A.R.'s resale housing figures for August 2008:

-- C.A.R.'s Unsold Inventory Index for existing, single-family detached homes inAugust 2008 was 6.7 months, compared with 10.6months(revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

-- The median number of days it took to sell a single-family home was 47.354.7 days days in August 2008, compared with (revised) for the same period a year ago.

So, if we can continue this trend of High levels of sales through the "slow" season... maybe the markets can self correct? The housing markets need to correct in order for the general economy to correct. We'll see how it goes... but so far... it looks like things are moving along.

CAR summary for August 2008:

Pending home sales for September 2008:

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Old 10-08-2008, 11:51 AM
Location: Treasure Island
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NAR just reported an average of 7.4 increase and they say that Florida is one of the "winners" Does not surpriseme, lately we have seen a lot of inquiries from buyers here in St. Pete
Anne Hensel
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