Housing is often different in South Lake Tahoe than in the rest of the country.
(Lake Tahoe Real Estate Blog / August 29, 2011 / Richard Bolen)
All real estate is local, and what this means is real estate conditions are almost always different in one place from another. Sometimes this difference is miniscule, but often it is palpable. This is one of those.
This comes via the Associated Press from the National Association of Realtors (NAR) and it cites that US home sales agreements fell in July. Sales agreements are known as "escrow", and we thought we'd compare current South Lake Tahoe, CA home sales activity to today's NAR existing home sales report.
The NAR has a sales agreement index, which fell in July to a reading of 89.7. A reading of 100 is considered healthy. The last time said index was at that level was in April 2010.
The lowest figure of this index since the housing market went bust more than four years ago was 75.9 in June 2010, which likely had to do with the ending of the home buyer tax credit.
Here's a few more points from the NAR:
- Contract signings are usually a reliable indicator of where the housing market is headed.
- The number of Americans who signed contracts to buy homes fell in July.
- The pace of sales for previously occupied homes is trailing last year's 4.91 million sold, the fewest since 1997.
- In a healthy economy, people buy roughly 6 million homes each year.
South Lake Tahoe, CA
Currently there are 102 homes in escrow, which is rather normal this time of year. Since escrow normally lasts about 60-days, most homes that are now in escrow entered into contract agreement from late June forward. Short sales and bankowned homes that are in escrow now, however, could have been under contract earlier than that.
As of this date last year, there were 85 homes in escrow. What this means is rather experiencing a drop in home sales agreements, we are seeing an increase compared to last year (20%).
With regard to total number sales to date, 316 South Lake Tahoe, CA single family homes have sold this year. Within the exact time frame last year, 315 homes had sold. A difference of only one more sale this year compared to last.
Within the last 365-days, 509 South Lake Tahoe, CA homes have sold. That is identical to the number of homes sold in the 365 days prior to today last year.
What this means is the volume of South Lake Tahoe, CA home sales is the same this year as it was last year, and our pace is still producing the most home sales than at any time since 2005.
Associated Press article here.
A previous existing home sales Lake Tahoe Real Estate Blog post:
Jun 21, 2011: Existing US Home Sales Drop, but what about South Lake Tahoe?
Some news from us on Real Estate Central on Lake Tahoe Television about national news and trends:
Jun 6, 2011: South Lake Tahoe and another Case Schiller Diller, pt 2.
Jun 4, 2011: South Lake Tahoe and another Case Schiller Diller, pt 1.
May 18, 2011: (part 4) Episode 4 in our Lake Tahoe Television Series about South Lake Tahoe neighborhoods.
May 16, 2011: (part 3) Episode 3 in our Lake Tahoe Television Series
May 9, 2011: (part 2) More News from Us on Lake Tahoe Television
May 3, 2011: (part 1) Yep, we're on-air Television Reporters Now.
Comments(0)