San Diego Housing Market News and Analysis
October 2009 Resale Data Rodeo
Submitted by Rich Toscano on November 9, 2009 - 3:54pm
It looks like the spring/summer rally has continued into autumn, as the median price per square foot was up 1.5% from the prior month:
That put the Case-Shiller proxy, discussed in the last post, up 1.4% for the month:
If the proxy is right, home prices as measured by the Case-Shiller index are now up an even 10% from the April low point. In terms of both duration and magnitude, we are well beyond the typical spring rallies that interrupted prior secular downturns.
While displaying the usual volatility, the aggregate plain vanilla median was up a similar amount to the median price per square foot:
Sales were pretty flat for the month, and on par with last year's level:
But inventory dropped from its already-depressed levels, hitting multi-year lows:
Months of inventory dipped below 4 and also hit new post-boom lows:
The above chart does not even account for contingent inventory, as defined here, which has accounted for a steadily higher proportion of total inventory in recent months:
As I'm sure everyone heard, they extended the buyer tax credit and are offering it to certain move-up buyers too. I hope nobody was surprised by this. It continues to be a fight with the structural problems facing the housing market and economy on one side, and the government printing-and-borrowing machine on the other. For now, the printing press is clearly winning.
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