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California's Resale Housing Market in January
The California Association of Realtors (CAR) recently released their
January 2010 report for existing home sales and prices in
California. Statewide, sales of existing single-family homes fell
by -10.6% (compared with January 2009) to 539,040 units (seasonally
adjusted, annualized rate), while the median price increased by
+15.0%. The year-over median price has risen in each of the
previous three months with January's increase the largest since
December 2005. On a month-over basis, however, the median price
fell by -6.3%, ending a run of ten consecutive monthly price gains.
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Residential Construction in January |
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The
total number of housing permits issued in California during January
shot up by +55.9% to 43,500 units from 27,900 units a year earlier -
the low point of last year (seasonally adjusted annual rate or SAAR).
Single-family home permits were up by +57.9% to 29,500 units and
multi-family permits increased by +52.5% to 14,000 units. Over the
month, permits for single-family homes fell by -16.2% while the
number of multi-family permits rose by +16.7%.
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January Nonresidential Construction Quite Mixed |
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While the news on commercial real estate has been rather downbeat,
the January report from the Construction Industry Research Board had
some interesting nuggets. In Los Angeles County, no permits were
issued for industrial buildings compared with $1.2 million in
permits last year. And no permits were issued for hotels in either
2009 or 2010. Office permits worth $3.2 million were issued in
January, a decline over the year of -78.2%, while retail permit
values declined by -78.6% to $9.5 million.
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Bay Area Hotel News in December Unpleasant |
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PKF Consulting has recently released their December data for Bay
Area hotels, and the news wasn't pleasant. In San Francisco, the
occupancy rate was 64.8% compared with 66.8% last year. Worse, the
average daily room rate (ADR) declined by -20.6% to $132.81. By
area in the City, the best occupancy rate was found in the Financial
District at 68.1%. However, the ADR declined by -17.0% over the
year to $169.02. For the year 2009, San Francisco's occupancy rate
was 75.5% compared with 78.9% in 2008. The ADR declined by -15.7%
to $160.27
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Global
Economic Monitor
Asia:
Nations across Asia announced official GDP figures for the fourth
quarter of 2009 this past week. The results demonstrated that
Developing Asia is indeed leading the global recovery. Taiwan had
the best result amongst the countries that reported GDP last week.
The Taiwanese economy exited its deepest recession in recorded
history (dating back to the 1950's). Taiwan's GDP grew by +9.2% in
the fourth quarter of 2009 when compared to a year earlier. This was
the best performance for the Taiwanese economy in more than five
years. However, Taiwan's overall GDP did contract by -1.8% in 2009,
as the loss of global demand for its exports proved to be too much
for the economy to overcome (exports make up 50% of Taiwan's GDP).
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