April Case-Shiller HPI

Submitted by Rich Toscano on July 2, 2007 - 12:29pm

The divergence between the median home price and the Case-Shiller Home Price Index continues...

read more at voiceofsandiego.org

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Submitted by filmo on July 2, 2007 - 12:54pm.

So in essense, what this seems to confirm is that the highend real estate continues to move but the bottom end has fallen out?

Is that about right?

Submitted by no_such_reality on July 2, 2007 - 2:02pm.

No, it confirms the high-end is moving by lowering their price and the bottom has fallen out.

Submitted by Michelle Steffes on July 3, 2007 - 5:17am.

Michelle Steffes

So, how long before we can all afford a house in San Diego?

Submitted by FormerSanDiegan on July 3, 2007 - 8:58am.

So, how long before we can all afford a house in San Diego?

All ?

That's easy: Never.

Submitted by cr on July 3, 2007 - 10:54am.

It likely means all the activity is at the higher end of the market, and/or that the lower end is nearly stagnate.

I'm a firm believer in the psychological effects. The average consumer probably still thinks it's an okay time to buy a house, but is starting to lose confidence. That will only erode further as the other measures of price catch up with the what is seen in the CSI.

As people start to notice prices drops, sales will slow more and prices will follow. In 5 years people will think it's crazy to buy a house.

Submitted by pencilneck on July 3, 2007 - 11:34am.

I find it interesting that asking prices are declining nearly as fast as the Case-Shiller index indicates sale prices are:

Trend 1 month 3 month 6 month 12 month
Median Price -0.8% -2.0% -2.8% -6.7%


I would have guessed that asking prices would remain a little more sticky than the actual sale prices.

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