December 22, 2024

 

San Diego new home salesYesterday, existing home sales took yet another tumble,;today it's new home sales. The Commerce Department reported that new home sales fell 10.2 percent in January. This was the worst showing on records going all the way back to 1963.

 

Here in the West, new home sales plunged 28%. The majority of home sales in San Diego are distressed and bank owned homes.

 

With the Obama $8,000 home buyers tax credit now in place, it will be extremely interesting to view home sales for February. One can only hope that the $8,000 credit combined with the extremely low mortgage rates around 5% will at least stabilize our housing market.                San Diego real estate

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4 thoughts on “New Home Sales Drop to New Low Record

  1. We’ve been through this back in the early 90’s remember. It takes a few years to recover. I see new construction slowing down which will cause less inventory and if they decide to build it will be much smaller and with more density type homes. Over building and putting people into homes they couldn’t afford was our first mistake.

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