San Diego County sees declines unseen since early '90s. Perhaps the biggest surprise came in the resale-house category, which makes up about half of the home-selling market. The September median stood at $545,000, down $5,000 from a year ago, marking the first year-over-year drop since July 1996. Resale houses had risen to a record median of $569,500 in May before dropping to the present level. "That tends to be the center of gravity for statistics," said DataQuick analyst John Karevoll, explaining that trends for resale condos and new homes typically fall in behind resale houses. David Lereah, chief economist of the National Association of Realtors, issued a statement yesterday declaring that the sales decline in many markets appears to be "bottoming out" as lower prices entice potential buyers. Freddie Mac also reported “early signs” of a turnaround, based on falling energy prices, lower mortgage rates, rebounding mortgage refinancings and rising stock prices that bolster household net worth. "There will undoubtedly be more bumps on the way, though, and the ride could be rocky in some markets," the October economic outlook report said, "but the economic fundamentals should help avert a crash landing." Source.
~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
No comments:
Post a Comment
Thank you for commenting!