US Home Contracts Dipped in February: So what about South Lake Tahoe?

Real Estate Agent with McCall Realty

 South Lake Tahoe, CA housing demandNumber South Lake Tahoe, CA Homes in Escrow… not much different now than it was two years ago.

(Lake Tahoe Real Estate Blog / March 27, 2012 / Richard Bolen)

The number of Americans who signed contracts to buy U.S. homes dipped in February from nearly a two-year high. According to today's Associated Press article, this is a mixed signal ahead of the spring home-buying season. The question is, how does this relate to South Lake Tahoe?

Home signed contracts are another means of describing homes that are in escrow. First a few bullet points from today's article (in full here):

  • According to the National Association of Realtors (NAR), their index of home sales agreements declined 0.5 percent last month to a reading of 96.5.
  • This is a half point lower than January's reading of 97, which was the highest since April 2010, which was the last month home buyers could qualify for the federal home-buying tax credit that ended two years ago.
  • An index reading of 100 or higher is considered healthy. April 2010 was also the last time it was that high.
  • An increase in  the number of homes in escrow have been among the signs of a slight pick-up in the housing market.
  • Some analysts said the decline in February report was disappointing after the three best months of hiring in two years.

This addresses that some housing industry thinkers expected a rather instant increase in the number of homes in escrow as a result of increases in the US jobs market. Other industry analysts wonder if the slight but continuing decline in home values may be keeping some home buyers on the sidelines.

 About South Lake Tahoe :
At present there are 117 South Lake Tahoe, CA homes in escrow. There are 226 active listings for sale right now, which means that 34.1% of South Lake Tahoe single family homes on the market are in escrow.

Two years ago, on March 15, 2010, there were 299 total homes on the market, 106 of which were in escrow, which is about two percentage points higher than it is now.

In February 2009, there were 387 homes on the market, 54 of which were in escrow, which was 14% of the homes on the market, or about 20% less than what it is now.

In the last 365-days, 557single family homes have sold in South Lake Tahoe, CA.

  • In 2011, 541 homes sold.
  • In 2010, it was 507.
  • In 2009, it was 442.
  • In 2008, it was 356.

The chart below indicates South Lake Tahoe, CA sales by month since 2003.

South Lake Tahoe, CA home sales by month since 2003.

Some previous Lake Tahoe Real Estate Blog posts about South Lake Tahoe, CA housing demand:

Jan 4, 2012: 2011 Year End South Lake Tahoe, CA housing report.
Oct 2, 2011: Q3 2011 South Lake Tahoe, CA Real Estate Report
Jul 6, 2011: Q2 2011 South Lake Tahoe, CA Real Estate Report
Apr 2, 2011: Q1 2011 South Lake Tahoe, CA Real Estate Report
Jan 2, 2011: 2010 South Lake Tahoe Housing Demand Report
Nov 16, 2010: What People are Buying: South Lake Tahoe 2010 Home Sales per Month
Nov 15, 2010: South Lake Tahoe 2010 Home Sales: Where We Are Now
Oct 9, 2010: Analysis of 2010 South Lake Tahoe, CA homes for sale
Oct 2, 2010: On Target with South Lake Tahoe, CA Homes for sale
August 31, 2010: US Home Prices Up… what about South Lake Tahoe?
August 27, 2010: I Woke Up this Morning… to the South Lake Tahoe Blues.
July 1, 2010: South Lake Tahoe Foreclosures: No Change Yet.
May 15, 2010: Where is the New Foreclosures Deluge?
November 15, 2009: Foreclosure Filings Down in October, what does it mean?


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