October 10, 2024

San Diego home salesThe National Association of Realtors said Monday that sales of single-family homes and condominiums dropped by 0.4 percent last month to a seasonally adjusted annual rate of 4.89 million units. That was the slowest sales pace, going back to 1999, and was seen as evidence that the steepest slump in housing in a quarter-century has yet to hit bottom.

Also, the inventory of unsold homes jumped to a 10.3 months' supply, meaning it would take that long to sell the 4.19 million homes on the market at the January sales paces.

Joel Naroff, chief economist at Naroff Economic Advisors said: "With sales weak and inventories at extraordinarily high levels, prices are likely to fall a lot more, eventually, sellers will end their denial and realize that if they want to unload their homes, they will have to cut prices even more."   San Diego home sales

4 thoughts on “9-Year Low For Existing-Home Sales

  1. UCLA predicts that GDP will dip by 0.4% in the second quarter of this year, but then rebound. Anderson expects GDP to be growing at 2.5% by the end of this year.

    In staking out the contrarian position, UCLA bucked other forecasters in 2001 by correctly predicting that year’s recession.”

    Benny
    San Diego Bail Bonds

  2. Lenin was (sort of) right! He just didn’t know why. The inherent contradictions in a capitalist society will destroy capitalism as you know it! The oppression and greed of banks will lead to massive dislocations in the economy that will force true economic and social revolution in this country through legalized institutions.

    Peter
    San Diego Tourism

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