Home Sales By Select MSA -- More Want To Than Have To ~ Steve Blitz Morning Notes
Powered By
Sponsored By
Digital Camera

Monday, August 3, 2009

Home Sales By Select MSA -- More Want To Than Have To

The recent spate of positive house price data have come with various caveats regarding the pricing from motivated sales (forced sales) versus non-motivated sales since a shift in the relative number of transactions in each impacts the average selling price. As a sign of the recovering home sales market, the ratio of sales of choice relative to forced sales has been on the upswing but really picked up at the beginning of May, particularly in Miami, Los Angeles and Phoenix. New York has been on the upswing since mid March while Las Vegas continues to struggle under the weight of too many speculative units (transaction data include condos). In absolute terms, the number of non-motivated transactions have been growing since the middle of January for most markets (see chart below, data from Radar Logic). Non-motivated sales in Las Vegas began to pick up in May.

The upshot is that a recovery in the housing market has begun, albeit at a very slow pace. My own leading indicators (www.econmkts.com/pangea_radar.php) have been pointing to rising home prices in most markets for some time.

No comments:

Post a Comment