March Roundup: Inventory Continues to Rise; Price "Rally" Declared
Inventory continued to flow into the Sacramento housing market in March 2006, according to three tracking blogs. (Note: The three sites use different sources for their numbers. Please see the individual sites for more information on methodology and areas of coverage.)
Sacramento Housing Bubble:
2/28/2006: 11,345
3/31/2006: 11,555
+1.9% in March
+14.8% in 2006
Bubble Markets Inventory Tracking:
2/28/2006: 11,215
3/31/2006: 11,833
+5.5% in March
+17.4% in 2006
Housing Tracker:
03/01/2006: 7,663
04/01/2006: 8,103
+ 5.7% in March
+18.2% in 2006
On the other end of the blogosphere, the Sacramento Real Estate blog declares a price "rally" for Sacramento County. According to the agent/blogger, both the median and average home sale prices increased in March.
2 comments:
Well, in San Diego this is how one realtor explains the 11% average price increase...
"The average price for the month was $635,775, up 11% from last March. Don't get excited or misled, prices did not go up. The under $500,000 sales made up 45% of the sales volume versus 55% last year, this mix change pushed up the average price because of the sale of more expensive homes. This is not due to a lack of homes for sale, the under $500,000 inventory stands at about 8,300 - 158 days supply - or 47% of total inventory. Another item to watch in average price is that in some cases sellers are beginning to pay all or some of the buyer closing costs which is being financed in the selling price. This has the effect of raising the price of the home by about 2%."
Doesn't seem like your friendly bubble bashing realtor in Sacramento is able to make that logical analysis. And as he bash away at bubbleheads, he keeps his comments section closed off for fear of getting any feedback he can't handle.
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