September 2017 Housing Data: looking more like 2016 than 2013

Submitted by Rich Toscano on October 8, 2017 - 4:49pm
Another quick one... the developing divergence between 2013 and 2017 has continued. Unlike 2013, when months of inventory rose rapidly off low levels, we've seen inventory rise very non-rapidly in the past few months. It looks more like 2016 now -- but lower.

Despite the scarcity, prices have leveled off:

That's typical for this time of year, but so is a more significant increase in inventory.

Here's a look at months of inventory vs. price changes:

They've diverged more in the past couple years than previously, but there still is a relationship. With months of inventory at this level, I wouldn't expect prices to stay flat for long.

More below...

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Submitted by evolusd on October 11, 2017 - 8:39am.

Thanks for keeping the chart updates coming, Rich!

Submitted by Escoguy on October 15, 2017 - 11:55am.

The homes I've looked at are just priced too aggressively. 3BR 1300 sf in 92127 for $675K.

As an investor, hard to see adding at these prices.

Out of curiosity, notable that DOM is very high for houses above 2M.

When you compare the property taxes current owners pay vs the new assessment (assuming sale), not sure many can actually carry the burden at that level.

An extreme example: Viterbi's house still for sale in spite of 15M price cut. Just shy of two years on the market.

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