Market Update This Week 1/4/10
Happy New Year Friends
The LA Times has just issued the November home sales and they are looking pretty good. Home resale’s surged last month to the highest level in nearly three years reflecting an extraordinary level of federal support that has pulled the housing market back from the worst downturn since the Great Depression. http://www.latimes.com/business/la-fi-homesales23-2009dec23,0,1485462.story
While Home Sales Surged California median price rises 5.8 percent in November
Home sales in California increased 4.7 percent in November compared with the same period a year ago, while the median price of an existing home rose 5.8 percent, according to a report released yesterday by C.A.R.
The median price of an existing, single-family detached home in California during November 2009 was $304,520, a 5.8 percent increase from the revised $287,880 median for November 2008, C.A.R. reported. The November 2009 median price rose 2.4 percent compared with October’s $297,500 median price.
The median home price in California has risen nine consecutive months in month-to-month comparisons, but November marked the first time California’s median home price has risen in year-to-year comparisons since August 2007.
Link http://www.car.org/newsstand/newsreleases/novsalesandprice/
The Census bureau seems to agree that it looks like November was a good month! We have surging home sales, median prices rising and now www.census.gov says that the Housing starts, building permits rose in November.
Building permits for privately owned housing units rose in November to a seasonally adjusted annual rate of 584,000 units, an increase of 6 percent compared with October’s rate of 551,000 units. Building permits were down 7.3 percent compared with November 2008, according to a joint announcement by the U.S. Census Bureau and the U.S. Dept. of Housing and Urban Development (HUD). Housing starts for single-family homes rose 8.9 percent in November to a rate of 574,000 units from 472,000 units in October. See the stat’s here http://www.census.gov/const/newresconst.pdf
If you want to keep track of the housing market this is a pretty cool tool.
Tracking the U.S. housing market's rise, fall and rebound
About this interactive graphic: Moody's Economy.com supplied the data for this interactive. Each of the five charts shows the quarterly performance of an important component of the housing market's health from first quarter 2000 through fourth quarter 2012. Data from the fourth quarter 2009 onward are forecasts by Moody's Economy.com. Seasonally-adjusted figures, or seasonally-adjusted annual rates, are used for each component to simplify comparisons.
Link: http://www.usatoday.com/money/economy/housing/2009-12-11-housing-market-charts_N.htm
Here is a question for you, is it twenty ten or two thousand ten, or two thousand and ten?
What are your expectations for the coming year? Tell me about it, I'd love to hear from you.
I'm expecting it to be a marked improvement from the last decade. Onward and upward! Yep, keeping my glass half full, maybe even three quarters full!
