Existing Home Sales Declined in August
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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I am surrounded by folks who think this is the time to buy, just like I was 3 or 4 years ago. Based on home price fundamentals – I don’t see any possibility of a bottom for YEARS. Here, inventory is growing as foreclosures outpace sales.
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It’s probably not a plateau .. but rather just timed to the month in which the original sale occurred. Fewer sales around Christmas holidays, more as the school year ends and families made the move into a different home.
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Someone has to buy them right? I say, when a house is sold, that’s one less thing to worry about!
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I remember when my house was worth near 100,000. That’s when I first bought it! Thank god I don’t have to worry about only coming out even, I stayed in my house!
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