San Diego Housing Market News and Analysis
September 2014 Housing Data Rodeo
Submitted by Rich Toscano on October 12, 2014 - 4:17pm
Here's the big picture -- not a lot of movement last month:
Drilling down to some individual graphs, the price per square foot continued in its meandering ways:
The Case-Shiller proxy turned down as the "noise"spike from 4 months back fell out of the moving average. So I don't make too much of the fact that it declined a bit... basically, this measure seems to indicate very little price movement over the past several months:
Home sales were flat to slightly downward for the month. Pendings were actually above last year's level, though closed sales are still below (albeit to a much smaller degree than a mere month ago). I'm not sure why the year-over-year comparison looks so much better for the pendings than the closed sales.
Inventory was flat for the month. Total invesntory is pretty close to this time last year, but the second graph shows that there is a lot more active inventory right now than a year ago:
That can be seen even more clearly in this graph showing the divergent trends of active and contingent inventory:
And here's a longer term look at total inventory. Higher than it's been for 2 years, but still not very high in the grand scheme of things:
Putting it all together -- flatt-ish inventory plus a slight decline in pending sales -- the months of inventory rose in line with the recent trend. Again, higher than before, but low-to-middling overall.
All in all, things weren't a whole lot different than the month before, as noted at the outset.
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