As discussed here over the past year or so, the trend away from (1) crowded, expensive and dangerous coastal cities, (2) soupy Florida, and (3) overheated (literally 120 degree summertime highs in the sun) and under-watered Arizona has now taken hold and should gain momentum over the coming years. See continuation of this post for CBS-MarketWatch.com article on the latest existing home sales trends and a taste of what’s to come. Also, check 59729.com in a couple of days when I go live with my Ennis Montana website. I’m not hearing those Ted Kazinski / Unabomb jokes when I mention Montana anymore (that was the standard reply when I mentioned Montana up until about a year or two ago). Cheers!
WASHINGTON (MarketWatch – May 15, 2006) – Existing home sales are down more than 15% in five states that have had the hottest housing markets, the National Association of Realtors said Monday. Sales were down 22.2% year-over-year in Arizona, 19.2% in California, 18.2% in the District of Columbia, 15.7% in Florida and 15% in Nevada, the real estate group said. Nationally, sales of existing homes fell 2.1% year-over-year in the first quarter. The hot states now are New Mexico, Louisiana, Montana and Mississippi. Meanwhile, the industry group said price appreciation has slowed in the nation’s major metro areas to 10.3% year-over-year from 13.6% in the fourth quarter of 2005. Prices fell in 16 metro areas, including Boston. Of the 149 metro areas, prices are up by double-digit percentages in 60. Prices have fallen in 16 metro areas, including Boston.