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Wednesday, August 23, 2006

RE: July Existing Home Sales

I'll blog about this more tonight, when I have time, but we did hit tipover, not last month, but in June.

One of the things that immediately jumped out at me was the revised median national price for June, which was $229,000. The preliminary for June had been $231,000, and that means there was no year over year median price increase nationally last month. Nationally, as of July months of supply are at 7.3, which guarantees further price drops.

For July, only the southern region is reporting a year over year median price increase (of 3.2%). More disturbing, the northeast is reporting a year over year fall in July's median price of 2.1%, combined with a year over year sales drop of 12.5%. Nationwide, condo supply is at 8.2 months, while single family is at 7.2 months.

NAR's release is here. Condos by region are here.

Update: The Housing Bubble Blog posted on NAR's press release, and the comments are hilarious. Entertain yourself over there:

According to NAR:
Now repeat after me:
rising prices-good time to buy before it goes higher
dropping prices-good time to buy because its come down(”soft landing”)
higher inventory-good time to buy becayse there is so much to look at

It’s always a good time to so pass the Kool Aid so FBs and GFs can drown themselves in spin and ignorance. The evolution of their spin is hilarious-these fools would do well to just once look forward instead of being stuck in yesterday’s news. Instead of F@@@ed borrower we can have a new person: the “Kool Aid Ralpher” who pukes when they get their new reset payment and realize they are underwater and the stuff they were drinking is actually strychnine and then blame it all on the media or broker’s spin.

The NAR spokeshole who wrote the report/release sounds like he's trying to find suckers for all these flipped condos he has to unload NOW!
Yes!!!! There are tons of realtors out there who were doing that we-will-buy-if-you-don't-sell thing and are now stuck with number of homes.
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