Jason Bernabei, TriCastle Realty
DEL
MAR, April 30 2012 -- Gooooood Monday Morning San Diego! Another week in the wild world of real
estate and Housing! I have spent much of the weekend and this morning crunching
data, and my findings suggest a trending
reversal of fortunes in the marketplace.
DEL
MAR, April 30 2012 -- Gooooood Monday Morning San Diego! Another week in the wild world of real
estate and Housing! I have spent much of the weekend and this morning crunching
data, and my findings suggest a trending
reversal of fortunes in the marketplace.
Yes, the
numbers are in, and in March, for the second straight month, home resales went
south nationwide. As per the National Association of REALTORS®, March 2012
Existing Home Sales fell to 4.48 million units on a seasonally-adjusted annualized basis -- a 3 percent drop from February. An
"existing home" is a home that has been previously occupied or owned,
and so obviously this data speaks to the vast majority of homes in America.
The
somewhat surprising (and disappointing) Existing Home Sales data is the third
report this month, thus verifying a lull in the housing market nationally.
Further, last week more data was made available suggesting that homebuilder
confidence has deteriorated for the first time in three months, and in falling
domino-like fashion, March Single-Family Housing Starts also declined.
And so
it is a double dose of not-so hot news for Housing, and for potential
home-buyers. Should the trend of declining new home Starts continue, in
conjunction with the further deterioration of Existing Home Sales, the kind of
good deals that come about when the Law of Supply and Demand is operating at
it’s full potential will be hard to come by. Conversely, if home sales continue
to go south and a renewed Builder’s confidence prevails in home inventory Starts,
buyers with savvy agents will find themselves with leverage in negotiations, as
the availability of existing Housing inventory swells. It will be
interesting to see if this Spring's lull trends into something worse in the weeks and
months ahead.
Stay tuned San Diego! I promise to keep my ears to the ground and eyes on the prize, and keep you up to speed on what's going on in Housing and real estate. You can contact me, Jason Bernabei, at jasonb@tricastle.com, and check me out each and every Monday on www.therealtyinsiders.com for more, and be sure to tune in to see myself, and local industry experts talking real estate on "The Realty Insiders," the ONLY real estate show in town!
Jay's Outlook: suddenly cloudy
Jason Bernabei, TriCastle Realty
