Business Nightly News reports, NAR (National Association of Realtors) releases re-sale housing figures of May, the number is still sliding. The lowest of past 5 years. It says, now it takes average 6 months to sell a house nationally and the slow trend may stay longer since there are about average 6 months inventories on the market.
The news and other concerns of sub-prime loan news sent the stock market from 120 points above to 8 points under.
But National numbers really does not apply to Northern California. On the contrary, we do not have 6 months inventory on the market, in fact, we do not have enough inventories to sell.
Northwest Corner (Highway 17 North to S of 101 from Menlo Park of the Santa Clara County) was finally seen increasing inventories by a few hundred by 6/19/07. Compared to earlier this year’s figures in February, the additions it’s like the shower all are longing for although it’s far from enough.
The market is still crazy. Overbidding are everywhere. Buyers are more frustrated even they have more choices now than February, but they still cannot get offers if they do not want to raise from asking prices, and their affordbilities are capped since the interest rates are up.
It’s still a hot war out there. Don’t be fooled by National figures, it does not apply in Northern California.