What Japan Can Teach the Fed About QE Addiction

Published
Thu, Jun 13 2013 2:19 PM
by
DataQuick

Continued Upward Trend for Bay Area Home Prices; Sales Dip Yr/Yr June 13, 2013 La Jolla, CA.--Bay Area home prices continued to rise in May, the result of an improving economy, low mortgage rates, pent-up demand and continued investor interest. Sales remained below average, mainly because the supply of homes for sale remains unusually tight, a real estate information service reported. The median price paid for a home in the nine-county Bay Area last month was $519,000, up 1.8 percent from $510,000 in April, and up 29.8 percent from $400,000 in May 2012. That was the highest median since March 2008, when it was $536,000, according to San Diego-based DataQuick. The Bay Area median peaked at $665,000 in June and July 2007, then dropped as low as $290,000 in March 2009 - a decline of $375,000, or 56.4 percent. In May the median was still 22.0 percent below the peak but it had made up about 61 percent of its peak-to-trough loss. Much of the median's ups and downs can be attributed to shifts in the types of homes sold. When adjusting for these shifts, it appears that about three fourths of the 29.8 percent year-over-year rise in the May median sale price reflects an increase in home values, while the rest was market mix. "In a year or two, we'll probably see in hindsight that a bounce off the bottom was faster and easier than later incremental gains in a more balanced market. As it is, today's market is still re-establishing equilibrium. Among potential buyers there is clearly a sense that favorable factors are lined up right now in a way they may not be in a year, or three or five years," said John Walsh, DataQuick president. A total of 8,541 new and resale houses and condos were sold in Bay Area in May. That was up 12.1 percent from 7,621 the month before, and down 4.0 percent from 8,899 for May a year ago, DataQuick reported. Sales increase on average by 7.3 percent from April to May. Since 1988, when DataQuick's statistics begin, May sales have...

Source: http://www.mortgagenewsdaily.com/aroundtheweb/312633.aspx

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