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U.S. Home Sales Plunge in July… So What about South Lake Tahoe?

August 24th, 2010 categories: For Buyers, For Sellers, Lake Tahoe Real Estate, National real estate news, South Lake Tahoe Statistics, South Lake Tahoe, CA

US housing demand down, what about South Lake Tahoe?

Better News in South Lake Tahoe, CA.

Well, the existing housing sales report of today is not good news for the housing industry, or for U.S. economic recovery either. But this is a national report based on July home sales; we're not insensitive to it, but our focus is certainly more on South Lake Tahoe.

We normally do a comparison of national reports like this to what is happening here in South Lake Tahoe, CA. Often national trends and forces can be similar here, and seemingly just as often they are quite different.

Lets see some key points in today's article, then we'll compare:

U.S. existing home sales plunge to their lowest level in 15 years.

Some economists warn that a double-dip in housing prices is just around the corner.

Existing home sales sank 27.2% in July, twice as much as analysts expected.

Much of that drop is attributed to the end of the $8,000 homebuyer tax credit.

U.S. housing inventory represents a 12.5-month supply. (A six-month of supply is considered normal.)

(full CNNMoney.com article here)

What About South Lake Tahoe, CA?

July Sales:

South Lake Tahoe, CA 2009 July home sales: 38

South Lake Tahoe, CA 2010 July home sales: 31

Decline of 7 homes sold, or 18.4% (or about 9% less than national report)

Sales Year to Date:

2009 South Lake Tahoe, CA home sales: 205 (As of Aug 31, 2009)

2010 South Lake Tahoe, CA home sales: 304 (As of Aug 24, 2010)

Increase of 99 homes sold, or 48.3%.

Note: '09 sales total as of August 31st, '10 sales total based on yesterday. Final August sales totals will be even more than the increase as found here.)

Housing Inventory: (absorption rates chart here)

Current number houses available for sale: 438

Avg. number homes sold per month: 40.5 (based on last 180 days)

Current inventory: 10.8 months (based on absorption rates for last 180 days)

Summary:

Where the national news is not good, housing demand in South Lake Tahoe is better. Compared to the national July housing sales report, South Lake Tahoe had 9% less decline than the nation. South Lake Tahoe, CA housing inventory, while not at the normal level of 6-moths, is about two months less, or better than the national average.

Perhaps more telltale than the July comparison herein, South Lake Tahoe, CA home sales this year are up by more than 100 sales compared to last year. This represents an increase in demand of some 48.3%.

The chart below contains South Lake Tahoe, CA home sales by month since 2003:

South Lake Tahoe, CA home sales by month since 2003