Boom Mixed Signals
posted by on May 24 at 9:34 AM
Homes sales are way up and home prices are way down. At least, they are in the nation as a whole.
Sales of new homes surged in April by the biggest amount in 14 years, but the median price of a new home dropped by the largest amount on record. The mixed signals left no clear picture of whether the worst of the nation’s housing slump is over.
But here in Seattle, it’s still, for the most part, up and up.
Fucking Seattle real estate market - just CRASH already! Who are the fools actually buying it at the current prices? I'm waiting for the dotcom-style crash to buy in.
The burbs may suffer, but downtown condos won't. Inventory is very limited (even with all the new building planned through 2010), viable sites for development are disappearing and the developers are effectively keeping the flippers out of the current developments with occupancy contracts. You won't see a crash downtown, just continuing increases in value.
Well, that's the deal all over the country. The exurbs and suburbs will see a huge correction while any location where sane people want to live, in or near the city, will stay about the same. I don't predict prices going down in San Francisco either.
That number is not real. Expect a large revision to that estimate in a month or two when nobody is looking.
April 2006 went from +4.9% to -2.6%. April 2005 went from +0.2% to -5.1%.
Such is the world of statistics.
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