Here is an excerpt from Rich Toscano’s November report at the Voice.
Despite somewhat unfavorable supply and demand situation, home prices held their own in November. As measured by the median price per square foot, resale single family home prices were unchanged for the month while resale condo prices leapt by 7.4 percent. The condo increase brought the aggregate of the two price series up by 1.8 percent from October. The median condo price per square foot is quite a bit more volatile, and thus less meaningful, than the single family price, but nonetheless I’d consider November a positive month for home prices on the whole.
Here’s a look (below) at the more accurate, but less timely Case-Shiller index, which is only current through September. That index peaked in July and had dropped by 1.6 percent over the following two months.
Based on the median price data, I am projecting a further drop of about 1 percent for the Case-Shiller index in October, and then a flattening in November. (These projections are not pictured in the chart above).
The link to the full report:
Wow, nobody?
Looks like the graphs are finally correcting for the homebuyer tax credit. Now for the supply to fall below 6 months. I’m still calling 7% sales price increase between now and November 2011.