February 28, 2014
Pending Home Sales Drop While Inventory Is On The Rise
While the National Association of Realtor's Pending Home Sales Index edged up 0.1 percent in January, it's down 9.0 percent on a year-over-year basis with a lack of inventory continuing to be fingered for much of the decline.
And while "ongoing disruptive weather patterns" is also sharing the blame for a lack of sales, the pending home sales index for the West is down 17.5 percent year-over-year and our weather has been relatively mild.
First Published: February 28, 2014 3:30 PM
Comments from "Plugged In" Readers
Hope this spreads to the SF Peninsula. Zig's babies need a house!
Posted by: Zig at February 28, 2014 3:57 PM
I wish I could get good deals again as well. But my time machine is broken.
Posted by: lol at February 28, 2014 4:45 PM
I had to go back to productive work because I ran out of houses to flip. Recovery, we hardly knew ye.
Posted by: Jimmy the House Flipper at February 28, 2014 5:01 PM
Does this data back up Realtors' claims the market is "hot"?
10% on 1,000 homes means 100 more homes available/month. Does the extra 100 homes available impact pricing? In other words, how has pricing been affected during this reporting period (year over year)? Has increase in supply and increase in interest rates meant decrease on prices year over year?
Posted by: socketplight at March 1, 2014 9:10 PM
The market is pretty hot for various reasons, yes. You realize this is national data and that your questioning is local, right? Are you in the market? I am. I would like to get either a multi unit in Mission/Bernal/GP for under 1.2m, or a fixer in GP/Bernal/Mission for under 700, or a totally done, and done nicely 3 br 2 ba condo in Mission/hayes/dolores/noe for ubder 1.2m. And it is tough going. Every offer is bested by somebody with all cash, and the agents aren't counter offering.( I don't get that actually. What's the hurry? )
Posted by: Truth at March 2, 2014 5:06 PM
Simple. Inventory of nearly all housing styles in nearly all neighborhoods in San Francisco (Peninsula, good Oakland, Berkeley, not so sure about North Bay) is extremely limited. And many more buyers than property available. And not everyone is a tech employee. Only inventory in brand new condominium buildings is relatively available now in said locations. Unless demand dries up expect much more of the same. Fewer sales at still higher prices.
Posted by: joe-realtor at March 2, 2014 6:18 PM