Not what I expected. 2.4 months of inventroy whacked off last month’s staggering numbers that was a massive increase over the previous month.
The report states:
Compared with January 2008, closed sales were up 27.6% (1,384 v. 1,085) and pending sales rose 9.9% (1,837 v. 1,671). On the other hand, compared with February 2007, the number of new listings grew 4%, while closed sales declined 27.1% and pending sales fell 35.2% (see table below).
Some interesting numbers there. I hope the good news continues.
Not sure if we have lost JP’s analysis but looking back over the last three years, inventory has dropped Feb. to Jan. and for the previous two years, Feb. to March. Will the trend continue?
Can one safely say that quite a few homes were taken off the market?
4,320 new listings
3,221 pending/closed sales
…On the other hand, compared with February 2007, the number of new listings grew 4%, while closed sales declined 27.1% and pending sales fell 35.2%…
Numbers dont add up for me.
I hope this keeps up. If anything, it means pricing is adjusting to the current market. Does anyone have an idea of what segments of the market(low, mid or high) made up the 2.4 month inventory drop?
I hope this keeps up. If anything, it means pricing is adjusting to the current market.
Hate to rain on the parade here, but… It’s pretty normal for months of inventory to drop from January to February. And we are still over 10 months inventory which I would think is still one of the worst numbers we’ve had in, what, at least a decade? (Charles, can you put up some historical months-of-inventory data going back to the 80s ). Looking at last year (and also at 2006 to some extent) months of inventory bottomed out in March and then steadily climbed up from there. Also, in terms of raw inventory we’re sitting here now with about 40% more units on the market than we had last year at this time.
Please explain why you guys are breaking out the champagne here? Interest rates are pretty much where they were a year ago (you’re doing a heck of a job there Fed! Oh, and Ben, thanks for the high gas prices!) and lending standards continue to tighten.
I’m not sure how far back the data goes and as far as it does go back will have to assemble manually so it may not happen today.
Pending sales down 35% is good news?
I feel sorry for anyone who bought from 2004 on.
Closed sales down 27.1% More good news? But look on the sunny side…
Ah, you gotta love Shadenfreunde.
As for any upside down home buyers. I’m sure the Fed is putting together an individual bailout plan for each and every one of them that is every bit as generous as the bailout they gave to Bear Stearns today.
Say, how much money did they pay their executives in bonuses while the mortgage-backed securities were being flung about?