July 18, 2024

home sales
home sales

The National Association of Realtors said existing home sales declined 2.7 percent in August compared with a 7.2 percent rise in July. Economists had been expecting a fifth straight increase, so the results surprised most analysts, who had expected sales to rise.

Here in San Diego, it seems that almost all the buying activity is in the lower price range of under $400,000. First-time buyers have purchased almost one in three homes in August. Together with investors snapping up foreclosures, they have provided most of the momentum in the market this year.

In the West, sales of homes under $100,000 were up 150 percent from a year ago. Sales of homes priced at over $250,000 were down nationally, with the biggest drop of nearly 40 percent coming among homes priced over $2 million.                           Orange County real estate

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