There Is NO “National” Housing Market

I haven’t done a Friday Chart in a while, but this struck me:

This is a chart showing the inventory for Scripps Ranch in San Diego, courtesy of one of the best writers I know, Kris Berg.
Less than 3 months inventory in Scripps Ranch, San Diego

Contrast the above chart with the one for the Charlottesville MSA, where we have about 16 months of inventory (across all market segments, property types, location, price, etc. … this number is good for showing broad trends, but is NOT an actionable data point).

Active Housing Inventory - Charlottesville, Virginia MSA

If you’re looking for Charlottesville real estate information and analysis, look for Charlottesville real estate information and analysis. National housing market “analysis” is usually provided by people who are selling something, either Case Shiller or the NAR.

Since you’re reading, here are a few things that have caught my eye this week:

[Perishable] What On Earth Is Market Value? – This is a freaking outstanding analysis of what is “market value”. Required reading for buyers, sellers and real estate folks.

The PRICE Is the Same, But the COST Is Less – “However, when you factor in mortgage rates, the case for buying a home today becomes even more compelling.”

New Idea For Sharing Urban Roads? Sidewalks Removed on Busy London Street Forces Drivers to Slow

More Evidence that Judges Have Had it with Banks – read this opinion if only for the Alice’s Restaurant reference.

Phillips v US Bank, N.a., Sup Ct Carroll Cty Ga.20111102

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