Home prices due appear to be on a pretty abrubt increase. Constrained supply, combined with continued demand from investors and owner occupants is leading to higher bids.
We are beginning to see these same trends manifest in the Case-Shiller indices in the levels, first and second derivatives, as seen below.
So we know that in general, prices are on the increase. What we don't know is how sustainable they are if more supply is placed on the market. Recently, new listings have been nearly equivelent to c... read more
Today Standard & Poor's released the Case-Shiller home price index numbers. Recall that these tabulations end March 2012, a substantial lag. As I write this, there are just over 4,000 single family homes on the market that you can go buy today. That is just over one month of supply and is not being replenished quick enough. Further, when you slice up the inventory to what you might actually be targeting, homebuying this summer became much more challenging.
We have a price per-square-foot index for the Las V... read more
Today the Case-Shiller numbers were released and in Las Vegas, as most cities, prices registered a decline. However, as one can see from the tiered indices below, those declines have recently been moderating. Since these figures reflect January, these numbers are likely to depart from what is being estabished now. Inventories, which are largely being held back artificially and because of legal and proceedural rigidities, are at extreme lows unseen since the boom days. As a result, multiple offers are the norm, not ... read more
Robert Shiller, co-creator of the Case-Shiller home price index and one of the few who publically proclaimed that we were in a housing bubble, is asked by Bloomberg to comment on several different datasets. He makes the important distinction between short-term measurements and overall trends, with a particular emphasis on the consumer confidence numbers.
Dr. Shiller is asked if he believes it is a good time to purchase a home, at least for someone who expects to be in an area for an extended period. His rep... read more