Rushing sound?

[polyanarch]

Is that the housing bubble I hear deflating?

Whine! 

I should have had my house up on the market 3 months ago.  It's my own fault for being a slow-ass.  I KNEW this was going to happen.

Should I start the stampeede and drop the price first?

[Michael Fisher]

Yes.   

[Russell Kanning]

then rent in NH and buy when things are more normal

[Kat Kanning]

New home sales hit slowest pace in a year

17 minutes ago

WASHINGTON (Reuters) - Sales of new U.S. homes fell 5 percent in January to their slowest pace in a year while the number of homes on the market climbed to a record high, according to a government report on Monday that signaled further cooling in the housing market.
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Sales of new single-family homes declined to a 1.233 million unit annual pace from an upwardly revised 1.298 million unit pace in December, the
Commerce Department said.

January's sales pace was slower than expected. Economists had forecast new homes sales would ease to a 1.260 million unit rate from the originally reported 1.269 million unit pace in December.

The number of new homes available for sale at the end of January rose to a record 528,000. At the current sales pace, that represented 5.2 months' supply -- the largest inventory since November 1996.

The U.S. housing market has begun to show signs of cooling after a five-year rally that shattered sales and construction records, and sent prices soaring more than 50 percent on average nationwide.

Home prices, however, have been more resilient, and economists chalk that up to stubborn sellers trying to cash out at the market's highs. For January, Commerce Department data show the median home sales price rose 4 percent to $238,100, for example.

New home sales fell in all U.S. regions but the West, which posted an 11.3 percent gain. Sales dropped 14.9 percent in the Northeast, 10.8 percent in the Midwest and 10.3 percent in the South.

The homes sales data is subjected to major revision as the statistics are estimated from sample surveys.

[Lloyd Danforth]

I am only hours from putting my house on the market.  As a multi-family house in a city it will not drop in value like the single familys and McMansions in the Burbs.

[Russell Kanning]

Hopefully you can sell yours soon and then build something in NH later log by log.

[Heyduke]

I am only hours from putting my house on the market.  As a multi-family house in a city it will not drop in value like the single familys and McMansions in the Burbs.

I hear tell that new home construction is still going great...in most of NH it should still be more of an adjustment than a burting of a bubble...

[Dreepa]

I am only hours from putting my house on the market.  As a multi-family house in a city it will not drop in value like the single familys and McMansions in the Burbs.

So Lloyd when is the date of your arrival?

[intergraph19]

McMansions in the Burbs.

LOL  I used to work for a company that built McMansions.  How sad is that...

[Lloyd Danforth]

Although I think they are impractical, I don't think people wanting to buy McMansions is sad. If people want them and others are willing to build them what is the downside.
There was a series complaining about sprawl in Connecticut in the hartford Courant a couple of months ago.  I wrote a LTE that got published that pointed out that the taxes on the MM's were high and required few local services.  I then asked if property taxes had been lowered accordingly for the towns people living in the little ranch houses.  I think the answer is obvious.

[Dreepa]

I don't like McMs but if people want them and can pay for them why not.  Market decides.

Lloyd you didn't answer my question.

[Fluff and Stuff]

McMansions in the Burbs.

LOL  I used to work for a company that built McMansions.  How sad is that...

Is a McMansion like a million dollar house in NH?

[Dreepa]

Prob.

My friend in LA just put their 2 bedroom 800sq foot house on the market.
$1.15 mill.  They bought 7 years ago for $360K.

[Fluff and Stuff]

Prob.

My friend in LA just put their 2 bedroom 800sq foot house on the market.
$1.15 mill.  They bought 7 years ago for $360K.

So, a McMan would cost several million in LA?

[Dreepa]

Yup... tough to find in LA proper though cuz not much room.

My bro-in-law just bought one outside of Baltimore for $650K.