San Diego Housing Market News and Analysis
December 2018 housing data: highest months-inventory since 2011; prices decline
Submitted by Rich Toscano on January 21, 2019 - 3:36pm
Hey all -- few words this month, and mostly charts. I will note the two stats I called out in the title...
1. Months of inventory is highest since 2011 (which was right at the tail end of the bust).
December is always highest but you can see the big increase over recent years:
2. The higher inventory seems to have started impacting prices. Single family price/square foot was down 3.3% for the month. Here's how that looks on the Case-Shiller proxy (3-month average of single-family price/sqft):
Price weakness in December is normal, and any one month can be noisy. So no big deal yet, but something to watch. (The actual Case-Shiller index, when it's released, will provide a more accurate picture of actual price changes).
Interestingly the price change caught right up to the inventory decline in the "new normal" price-vs-months of inventory graph:
More charts below...
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