Home Sales in the West Rose 3.5%

Existing-home sales rose in April with strong buyer activity in lower price ranges, according to the National Association of Realtors^®. NAR President Charles McMillan, a broker in Dallas-Fort Worth, said conditions are optimal for buyers with good jobs and long-term plans. “We have record low mortgage interest rates, a wide selection of homes and affordable prices in most areas,” he said. “When you add the $8,000 first-time buyer tax credit, it’s hard to imagine a better time to make an investment in your future through homeownership.”

Existing condominium and co-op sales increased 6.4 percent to a seasonally adjusted annual rate of 500,000 units in April from 470,000 in March, but are 9.4 percent lower than the 552,000-unit pace a year ago. The median existing condo price⁴ was $173,900 in April, down 18.5 percent from April 2008.

San Diego housing good news: Existing-home sales in the West rose 3.5 percent to an annual rate of 1.17 million in April and are 19.4 percent higher than a year ago. The median price in the West was $222,600, down 21.8 percent from April 2008.                                                   San Diego Realtors