INFO THAT HITS US WHERE WE LIVE…Last week’s housing news did give all of us in the industry a few more things to hang onto. First, we saw new single-family home sales go up 5.7% in September, to a 313,000 annual rate. Next, it was nice to see the supply of new homes drop to 6.2 months. The inventory is now at the lowest level on record.
Then, Case-Shiller’s 20-City Composite Home Price index was up for the fifth month in a row in August and 16 of the 20 metros tracked saw an improvement in their annual rates of change. Case-Shiller called this “a modest glimmer of hope” for the housing market. We’ll take it. Finally, the Pending Home Sales Index dropped a bit in September but was UP 6.4% year over year. This gauges signed contracts on existing homes that are not yet closed.
The San Diego home sales have been constant and this is a great sign that we have good market place. This is means that the inventory is low and the demand is solid, it is not strong demand but home sales are solid.
