Starting our week-long look at the US Housing Market, here’s look at the 2009 year-end Coastal California markets:
- Some decent price stability in San Francisco over the past couple of years through the housing crisis and an ongoing recovery in Los Angeles.
- Sacramento has leveled off after two years of price declines totaling nearly 65%.
- San Diego is giving back some of the 2009 price gains which could be largely seasonal effects and tightening inventory.
- Single-home inventory in San Francisco has remained steady throughout the recent down cycle, mostly due to an overall constrained housing stock within the city limits.
- Early-year price trends rices in January and February should indicate whether the Los Angeles and San Diego 2009 bounces will be sustained along with supply levels as the 2010 Spring selling season begins. Along with Median Ask Prices, the Price of New Listings serves as a leading to future sold prices.
The Pacific Northwest is next on the list…. Stay tuned.
(Check out our Real-Time Real Estate Market Report – it’s a free report that we send out monthly. It’s “tip of the iceberg” compared to the data and market analytics available via subscription, but offers a nice look at metro-level housing trends. Sign up to receive the report here.)