Will pent-up demand save the day?
This week’s Top of the TweetsBy Camilla McLaughlin
Real estate talk this week trended toward declining inventories, prices standing firm and, yes, even pent-up demand.
Altos Research’s latest shows prices trending up with the median for 26 markets covered hitting $450,000 in June. List prices also rose 2.31 percent over the last three months. The only city to report a drop in prices, an 0.86 percent decline over the prior month, was Las Vegas. Thanks to @reallyearllee and others for the heads up. http://bit.ly/pieaQC Recent data from Data Quick shows the median price in California statewide creeping up with a 1.6-percent increase in June to $253,000, the highest so far this year.
Pent-up demand saves the day? Getting a lot of play was National Association of Realtors research showing the degree to which demand for housing has been suppressed since 2007. bit.ly/qEziDN Many in the industry have been looking to pent-up demand to eventually be a catalyst for recovery.
Luxury buyers stepping up. Although prices have taken a hit, luxury sales continue to make news with the completion of the Spelling Manor transaction grabbing the most headlines. The $85 million price might have established a benchmark, but many observers also see it as part of a trend toward substantial reductions in luxury prices. Still, luxury buyers in LA are finally stepping up to the plate, says Lauren Beale in an LA Times story on price reductions and a growing number of sales in the $20 million-plus bracket. A tip of the Tweets hat to @Elitene for the link. http://ow.ly/5Dsiq
Luxury home sales in Denver soared in June, says @WaltersTeamSher. http://bit.ly/hDVUw5 Orange County, Calif., overall home prices are up by 9 percent in 2011 with the median hitting $445,000. A Tweet from @McGuireRE links to the story. In the Bay Area, home sales rose 14.5 percent in June. @WaltersTeamSher and @DQNews http://t.co/NmfBidP
The number of foreclosures in California eases in June, comprising 35 percent of the sold properties, down slightly from 35.3 percent in May. At one time, foreclosures comprised 58.5 percent of California sales, according to @DQNews.
Suns out again, at least in some markets in the sunshine state. Miami has been the comeback story of the year but in Orlando the inventory of homes on the market has dwindled to a 4.37-month supply. Although no one is officially declaring this a buyers’ market, a 6-month supply is generally considered a balanced market. But foreclosures and short sales still comprise the bulk of the market here.
Even homebuilders are slightly more optimistic, according the National Association of Home Builders monthly index, which rose two points to 15 in July. @NAHBhome In spite of the improvement, the index is still well in negative territory, since a score of 50 tips the balance to positive.
Double dip? More Americans say it is here. Roughly 63-percent of middle-class Americans surveyed by a consumer psychology consulting firm believe the U.S. economy slipped into a double-dip recession, up from 50 percent one year ago, reports @housingwire. http://goo.gl/fb/KuyhW
BMW takes the lead as the No. 1 selling luxury car maker in the U.S., according to @EurocarUSA. http://bit.ly/pR2PcM Worldwide, BMW expects to see global sales topping 1.6 million. The red hot market to watch is China, says Phil LeBeau, CNBC correspondent. http://bit.ly/qooVlC via @urbanluxury
Lastly, from @reallyeaerllee, “Single women dive into the real estate maket at twice the rate of men, proving once again that women are smarter than men.” tinyurl.com/6had88b Could this be why heiress Petra Ecclestone, 22 (pictured), was able to scoop up the Spelling Manor for $85 million?
