The National Association of Realtors (NAR) reported today that existing home sales were up for a third month in a row. Nationally, existing home sales increased 3.6 percent to a seasonally adjusted annual rate1 of 4.89 million units in June from a downwardly revised pace of 4.72 million in May, but are 0.2 percent lower than the 4.90 million-unit level in June 2008. Plus, home inventories eased and home prices were declining less sharply in June.
Existing-home sales in the West improved by 6.4 percent to an annual rate of 1.16 million in June, and are 11.5 percent higher than June 2008. The median price in the West was $214,800, which is 24.9 percent below a year ago.
NAR President Charles McMillan, said: “Despite some of the challenges, the housing market continues to demonstrate signs of recovery. The temporary first-time buyer tax credit is clearly helping people make a decision and is contributing to the overall stimulus impact, but since it’s taking longer to close transactions, many would-be beneficiaries may not be able to take advantage of the credit before the December 1 expiration date. As a consequence, consumers need the expertise of Realtors® more than ever to navigate both the obstacles and opportunities in today’s market.â€Â                                                                                      San Diego home sales
It’s much harder for troubled borrowers to get a loan now. The lending industry has tightened up standards for lending to eliminate the slide of foreclosures due to subprime lending practices targeting those troubled borrowers. The local media has presented the facts in a negative light, but a return to normalcy is about to occur.
San Diego investment property
I do see a slight decrease in inventory and an increase in sales over 90 days but I’m not buying it yet…it’s too early to see if the cycle continues.
San Diego real estate
It’s a great time to buy rental properties. The pool of renters keeps getting bigger and bigger.
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