Complete Miller Samuel Numbers Coming Out Tomorrow

…I’m eagerly awaiting this report. As you may remember, I predicted that we wouldn’t see concrete evidence of the cool down until third quarter numbers were released. Excited to see if I was correct.

I must admit, I’m a bit puzzled by this chart. I absolutely see the sales volume dropping but a 20.9% increase in median home prices from one year ago? I don’t buy it and would love to know the source of these numbers. I suspect that this number is skewed in part by the increased activity in the high end market.

On another note, did you see that NYC construction exceeded $20 billion? Can you say more supply? Holy cow! Who is going to buy all of this property? Time will tell but I still suspect buyers are going to have quite a bit to choose from in the next 12-18 months.

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