Is the Strongest Part of the Housing Recovery Over?

Source: Realtor MLS, DSNews – 2/26/2014

Robert ShillerMany of the nation’s major metros reported slowdowns—and even retreats—in home prices last quarter, but those weren’t enough to keep 2013 from being the strongest year for house prices in nearly a decade.

S&P Dow Jones Indices released Tuesday its S&P/Case-Shiller Home Price Indices for December, showing national prices up 11.3 percent as of year-end, a slight pickup over the previous quarter’s annual improvement of 11.2 percent. The national index covers all nine U.S. census divisions.

While prices were strong in Q4 compared to the previous year, they were down relative to Q3, dropping 0.3 percent. “The S&P/Case-Shiller Home Price Index ended its best year since 2005,” said David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. “However, gains are slowing from month-to-month and the strongest part of the recovery in home values may be over.”


Here is what is happening in the Huntington Beach market:

So far, for the first 56 days of 2014, the total closed sales in Huntington Beach for down for both attached and detached homes:

  • Detached Homes:  Sales Down from 122 in 2013 to 80 in 2014 (34.4% decline).  Sales price per square foot is up 15.6% compared to 2013.
  • Detached Homes:   Sales are Down from 14 in 2013 to 13 in 2014 (7.14% decline).   Sales price per square foot is up 18.7% compared to 2013.

It would appear that the detached home sales volume is holding up, but single family homes are down significantly from 2013.  Prices appear to be mostly flat in the last few months but are up significantly year-over-year.

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Scot CampbellHe is the President of The Scot Campbell TEAM at Coldwell Banker-Campbell Realtors in Huntington Beach, CA. 

Scot is a Previews Property Specialist,  has been a licensed for over 27 years, and has brokered over 1000 homes… including just about every type of transaction imaginable.

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photo by: Bengt Nyman

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