August 2012 Resale Data Rodeo

Submitted by Rich Toscano on September 9, 2012 - 4:09pm
After taking a breather in July, the median price per square foot rose again in August:

That's a monthly rise of 2.0%for detached homes, .4% for condos, and 1.6% in aggregate.  Since January, which was the lowest point for prices by this measure since early 2009, the median price per square foot is up 10.6% for detached homes, 8.5% for condos, and 10.1% in aggregate.

While inventory did finally increase a bit last month, for the first time in over a year...

...the exceedingly low level of months-of-supply (which foreshadowed this recent price rise) has not abated:

We are now entering the weaker part of the year, seasonally speaking, so we'll see what happens.  But based on the strong historical relationship between months of inventory and price changes...

...this suggests further price strength or at least a lack of weakness immediately ahead, unless inventory rises or demand drops to a sufficient degree to bring that months-of-inventory figure down.

More chart fun below...

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Submitted by peterb on September 29, 2012 - 3:37pm.

Where'd everybody go? Looks like a bottom is now in.

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