Tuesday, June 5, 2018

Pinellas County, FL (St. Petersburg–Clearwater) Housing Market Looks Bullish after Consolidation

(Click on the image to enlarge)

After making a double top (two peaks) the Pinellas County housing market moved sideways, remaining tightly range-bound between $215K and $220K. Both trendlines are correctly rejecting the sharp fall in October as a technical aberration. After a 17% jump in the first half of the year, a little breather (sideways) was healthy, paving the way for the next move up. 

The normalized trend (bottom chart) is undeniably more bullish than the primary. Though the sideways movement was range-bound ($152 to $156) the slope lately has been upward, retesting the September high of $157. Now, the market needs to cut through this resistance to re-emulate the early-2017 trend.

Of course, unlike the coastal California markets where a good part of the inventory transacts for cash, the Gulf market is more FHA/GSE (hence rate sensitive), potentially facing a headwind in a rising rate environment such as this.

- Sid Som, MBA, MIM
President, Homequant, Inc.
homequant@gmail.com

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