Existing Home Sales Down Big

Yup.

http://www.marketwat...amp;siteid=bnbh

Down 5.3%.

Inventories fell too, however, by 2.7%.

Odd, actually.

I'm going to call that an anomaly all the way around.

January's weather sucked and nobody was moving while they waited to see what the stimulus would be. February's numbers ought to be quite good and March's should be better. If not, it's bad.

M

existing home sales were abnormally high in December due banks getting rid of foreclosures, low rates, and much higher conforming loan limits set to expire on 12/31.

It's worth pointing out that all these numbers are seasonally adjusted. Is the problem the sales? Or the adjustment? IT

Yup.

http://www.marketwat...amp;siteid=bnbh

Down 5.3%.

Inventories fell too, however, by 2.7%.

Odd, actually.

I'm going to call that an anomaly all the way around.

January's weather sucked and nobody was moving while they waited to see what the stimulus would be. February's numbers ought to be quite good and March's should be better. If not, it's bad.

M

Mark I read the report too. The best part was inventories I do not care about the sales part as that is expected as far as my opinion goes fwiw. I think there is in reality more as many banks and others are holding back inventory they cant service because of being backed up. Either way even if we tack 1 month on it is still a good number. We hit 170k which is still far from my work of at least 130k or less but getting there. Also we have regressed to the hundred year trend in price which is also good news. At least we are back to reality. I still think the overall numbers still put pressure on the markets for a while.
The Euro zone housing and bank issues is scary as they still have lots to correct and what effect does that have on us also. We still have a fairly long road for this mess to play out but at least we may have hit the half way point in housing in 4th quarter 2008.

Z

Edited by zoropb, 25 February 2009 - 12:14 PM.

from Stack's website(investech.com):

housing

Edited by tommyt, 25 February 2009 - 01:06 PM.

from Stack's website(investech.com):

housing

cool chart T

z

Looks like you evil mainlanders finally exported your problem to our li'l paradise. Sales down 50%. 50%! Prices, which had mostly held throughout 2008, now coming down hard. The local economy is getting hammered, with lots of biz closures. If any of you know Nick's Fishmarket in Waikiki, as just one example, well, it's no more.

Honolulu Board of REALTORS®

Honolulu Board of REALTORS® Releases January Residential Resales Statistics

Released: Monday, February 2, 2009 HONOLULU - The Honolulu Board of REALTORS® released resale figures today for the month of January. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

January 2009 Residential Resales Statistics for Oahu

Single Family Home Resales

Number of
Sales This Month
Compared To Median*
Sales Price This Month
Compared To January 2009122 $ 539,500 December 2008$ 626,500 dn 13.9% January 2008228 dn 46.5% $ 600,000 dn 10.1%
Condominium Resales Number of
Sales This Month
Compared To Median*
Sales Price This Month
Compared To January 2009159 $ 305,000 December 2008$ 305,000 No Change January 2008324 dn 50.9% $ 324,000 dn 5.8%
Click here to view January 2009 Resales Charts.

*Median price means half the prices were above and half below the given price.

During January, sales of 122 single-family homes and 159 condominiums were reported through the Board's MLS, decreases of 46.5 percent for single-family homes and 50.9 percent for condominiums, compared to the same month last year. The median prices paid for island properties in the first month of 2009 were $539,500 and $305,000, respectively, decreases of 10.1 percent for single-family homes from the same time period in 2008 and 5.8 percent for condominiums. The total dollar sales volume generated in the housing market for the first month of this year was $145.6 million, a decrease of 57.9 percent, or $199.9 million, compared to the $345.5 million produced one year ago.

"The current economic conditions are causing buyers to take a 'wait-and-see' attitude, as evidenced by the slow sales in Oahu's residential housing marketing during January," said Sandra "Sam" Bangerter, President of the Honolulu Board of REALTORS®. "We hope that the federal efforts to restore not only the housing markets, but the entire economy, will be successful."

"It appears that the housing market in Hawaii is now following the same pattern as on the Mainland, namely very slow sales and diminishing prices," added Harvey Shapiro, Research Economist at the Honolulu Board of REALTORS®. "Everything continues as normal, but smaller in scale, with a limited inventory and fewer new listings being added to the market. However, the increase in the number of properties that were put into pending status during January predicts that the market could be expanding in the coming months."

The public is encouraged to visit the Board's Internet web site at www.HiCentral.com to see what's happening in the housing market. The public has the ability to search through Oahu single-family home and condominium listings, available for sale and for rent, and to see a comprehensive guide of homes that will be open to visit this Sunday. All searches can be done by geographic location, price range or both. HiCentral.com provides useful information about buying and selling real estate in Hawaii.

Established in 1922, the Honolulu Board of REALTORS® is one of the largest of 1,600 boards of REALTORS® in the nation and, with over 6,000 members, the largest trade organization on Oahu. Membership is available to licensed real estate brokers, agents, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry pledged to adhere to a strict Code of Ethics and Standards of Practice. For more information, call (808) 732-3000 or visit www.HiCentral.com.

(This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. The time delay between the signing of a sales contract and the closing of escrow is usually between one and three months.)

Edited by IYB, 25 February 2009 - 03:13 PM.

Don, I'm in Waikiki right now. Everything is so cheap. I got a last minute flight from CA for $300 round trip. I could do without the wind, but I am reminded that life goes on even if it's not at the level we've been used to. Dan

Yup.

http://www.marketwat...amp;siteid=bnbh

Down 5.3%.

Inventories fell too, however, by 2.7%.

Odd, actually.

I'm going to call that an anomaly all the way around.

January's weather sucked and nobody was moving while they waited to see what the stimulus would be. February's numbers ought to be quite good and March's should be better. If not, it's bad.

M

Odd ? Are you kidding ?

Try going around the country and seeing how many foreclosures are up for sale and existing homes up for sale.

And then try visting with as many CFO's and CEo's you can in the next 2 months and ask them how many people they are planning to ax this year.

Whats odd is prices are falling like mad yet foreclosures sit. No buyers still.

Whats odd is the banks are still not lending as the gubmint is trying to force them to do. despiet folks having good credit.

even if feb or mar picks up which i suspect it will as 80% of Americans agreed obama's plan is on track to succeed and fix the worlds problems, it will be even more odd if home sales dont really plummet this summer.

unless you are saying the 'analmoly" was the fact the numbers weren't more of a train wreck.

What part of inventories down did you miss? Cheaper to own than to rent. Net, net. in the midwest. Some markets have bottomed. I expect the economy to be better than expected in Q3. There won't be a new real estate boom and many markets will have troubles for decades. Others will do just fine. And are.