Standard & Poor's announced: Shiller home price index for 20 cities fell a record 2.4 percent between December and January and has dropped a record 10.7 percent from the same period a year ago, according to January figures released Tuesday. Of the 20 cities studied, all posted declines year-over-year except Charlotte, N.C., which rose 1.8 percent. All 20 cities posted month-to-month declines.
What does that mean to you?
National surveys such as these are useful in measuring broad macroeconomic trends but are of marginal value to the individual consumer in the process of buying or selling a home. That’s because real estate prices are set at the local level and can vary dramatically from market to market, neighborhood to neighborhood, and home to home based on a variety of factors.
NAR on Tuesday reported an increase in sales nationally for the first time in seven months. This gain is encouraging because increases in sales were not expected until the second half of the year.
According to a C.A.R. report, February sales volume in California was up 9.5 percent compared with January, marking the fourth month in a row that figure inched higher
In the market here in East County, falling prices have recently stimulated sales as buyers (including us!) take advantage of the downturn. As inventories of homes are drawn down, prices should begin to stabilize.
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