Monday, November 20, 2006

Metropolitan Homes Sales Report

The NAR released its metro home sales report this morning for Q3.

Overall, it shows the average price of existing home sales fell -1.2% in the U.S. Considering the gains over the last five years, the data still supports a soft landing in housing.

Notably, some of the hottest markets that many feared would show the largest, and most precipitous drops have not.

To wit, red hot Las Vegas cooled to +1.6%; Los Angeles, after a record string of double-digit gains, slowed to +5.2%. Not bad; Phoenix, with seemed to be brimming with oversupply, fell -0.6%; and Miami prices slipped -5.6%.

Some notable increases were: Portland (+12.3%), Virginia Beach (+16.9%), and Salt Lake City (+19.2%). The Northwest was the strongest region.

long one LA residence


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