Existing U.S. Home Sales Down… but What About South Lake Tahoe?

July 24th, 2010 categories: Lake Tahoe Real Estate

South Lake Tahoe real estate is always an up or down thing.South Lake Tahoe, CA often has different real estate trends…

We found this Associated Press report of interest. It indicates the U.S. housing market is likely to take more time to recover. As we frequently discuss and examine, national real estate trends are often different than those of South Lake Tahoe.

Lets look at some key points in the AP article, then we'll compare that to South Lake Tahoe  and see the differences, if any.

  • Associated Press Logo

    Sales of previously occupied homes fell in June by 5.1% (though the article does not specifically state it, we assume this 5.1% decline is compared to home sales in June  of last year.).

  • Since the tax credits expired, the number of people buying homes has fallen sharply, despite lower prices and the lowest mortgage rates in decades.
  • Housing industry health has been worsened by high unemployment, tight lending standards and rising foreclosures.
  • The average rate for 30-year fixed loans this week was 4.56 percent, down from 4.57 last week.
  • This is the lowest since Freddie Mac began tracking rates in 1971.
  • As sales have slowed, the supply of unsold U.S. homes is nearly nine-months,  compared to what is considered a healthy supply level of about six months.

 So What About South Lake Tahoe, CA ?

Number Home Sales:
South Lake Tahoe, CA is certainly doing better than the national trend as reported in the Associated Press article above:

  • The number of homes sold in South Lake Tahoe this June was 48.
  • The number of homes sold in South Lake Tahoe last June was 40.
  • Rather than the national decline in existing home sales of 5.1%, we actually had an increase here in South Lake Tahoe of 20%.

The number of South Lake Tahoe homes sold in June. 2008 was 30, so we're certainly looking at upward market conditions since then as well.

Home Supply:
South Lake Tahoe, CA inventory, while it is not notably different that the usual mid-summer supply, is more consistent with the national trend:

  • As of a week ago, the average number of South Lake Tahoe homes sold per month in the last half year is 39.5.
  • There are some 450 homes currently listed for sale here in South Lake Tahoe.
  • At the current rate of housing demand, there is am 11.2 month supply of South Lake Tahoe homes for sale.

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We support our families by helping folks buy and sell real estate. The goal here is twofold: to show you convincingly why you should consider asking us for help, and that you can trust the help you will find.

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This entry was posted on Saturday, July 24th, 2010 at 10:58 am and is filed under Lake Tahoe Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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