Post by unlawflcombatnt on Jul 25, 2006 12:52:42 GMT -6
The Housing Bubble continues to show evidence of losing steam. This months annual rate of existing home sales declined from 6.71 million in May to 6.62 million in June. This is a 1.3% decline. The annual rate has declined 10% over the last year. This is a 10% decline in the sales rate since June of 2005.
Price appreciation has almost stopped. May's annualized price increase of 5.5% declined to 0.9% in June. (Compare this with June 2005, when prices had increased 14.7% over the previous June.) Real home prices are now declining, as they are not keeping up with inflation. (The Consumer Price Index has increased 4.3% since June of 2005.)
www.briefing.com/Investor/Public/MarketAnalysis/Calendars/EconomicReleases/exist.htm
In the West, median prices have actually been declining since the November, 2005 peak of $354,000. See: National Assoc. of Realtors
June's median price has declined to $342,000. This is a price decline of 3.4% over 7 months, or an annualized price decline of 6%. In Los Angeles County, median home prices have declined 5% in the last 11 months. Inventories have increased 93% during the same time. www.benengebreth.org/housingtracker/location/California/LosAngeles/
In Orange County, California, the median home price is unchanged from 10 months earlier. However, the unsold inventory of homes has increased 105% since that time. www.benengebreth.org/housingtracker/location/California/Orange
In San Diego, California, median home prices have declined 4.8% over the last 11 months. During the same period of time, the inventory of unsold homes has increased 54%. www.benengebreth.org/housingtracker/location/California/SanDiego
Nationwide, inventories of unsold homes also continue to rise . The June 2006 supply
of 6.8 months is 55% higher than the 4.4 month supply in June 2005. This is the highest level of unsold home inventories in 9 years.
Thursday's release of the New Home Sales report is also expected to show further declines in sales and further increases in unsold home inventories.
Price appreciation has almost stopped. May's annualized price increase of 5.5% declined to 0.9% in June. (Compare this with June 2005, when prices had increased 14.7% over the previous June.) Real home prices are now declining, as they are not keeping up with inflation. (The Consumer Price Index has increased 4.3% since June of 2005.)
www.briefing.com/Investor/Public/MarketAnalysis/Calendars/EconomicReleases/exist.htm
In the West, median prices have actually been declining since the November, 2005 peak of $354,000. See: National Assoc. of Realtors
June's median price has declined to $342,000. This is a price decline of 3.4% over 7 months, or an annualized price decline of 6%. In Los Angeles County, median home prices have declined 5% in the last 11 months. Inventories have increased 93% during the same time. www.benengebreth.org/housingtracker/location/California/LosAngeles/
In Orange County, California, the median home price is unchanged from 10 months earlier. However, the unsold inventory of homes has increased 105% since that time. www.benengebreth.org/housingtracker/location/California/Orange
In San Diego, California, median home prices have declined 4.8% over the last 11 months. During the same period of time, the inventory of unsold homes has increased 54%. www.benengebreth.org/housingtracker/location/California/SanDiego
Nationwide, inventories of unsold homes also continue to rise . The June 2006 supply
of 6.8 months is 55% higher than the 4.4 month supply in June 2005. This is the highest level of unsold home inventories in 9 years.
Thursday's release of the New Home Sales report is also expected to show further declines in sales and further increases in unsold home inventories.