by Bill McBride on 12/27/2015 08:26:00 PM
Sunday, December 27, 2015
From the OC Register: On a roll: O.C. housing market wraps up a 'fantastic' 2015 (ht Ilya)
As the year draws to a close, the latest median home price hit $623,000 – just 3.4 percent below the $645,000 record high of June 2007. From January through November, the county’s median averaged about $604,000, up 4 percent from last year, according to data from real estate data firm Corelogic.I don't think renters would think 2015 was a "fantastic year". Also it has been almost 10 years since prices were close to this high, so inflation adjusted, prices aren't close to the previous highs.
In the view of John Burns, a real estate consultant based in Irvine, it was for the most part a “fantastic year... Prices, rents and sales volumes rose at a steady, sustainable pace, and construction levels hit their highest levels in at least 12 years.”
• Schedule for Week of December 27th
• Ten Economic Questions for 2016
• At 10:30 AM ET, the Dallas Fed Manufacturing Survey for December. This is the last of the regional manufacturing surveys for December.
From CNBC: Pre-Market Data and Bloomberg futures: currently S&P futures are down 5 and DOW futures are down 55 (fair value).
Oil prices were up over the last week with WTI futures at $37.92 per barrel and Brent at $37.73 per barrel. A year ago, WTI was at $54, and Brent was at $58 - so prices are down over 30% year-over-year.
Here is a graph from Gasbuddy.com for nationwide gasoline prices. Nationally prices are at close to $2.00 per gallon (down about $0.30 per gallon from a year ago).
Posted by Bill McBride on 12/27/2015 08:26:00 PM