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 August 20, 2009

Home Prices in San Diego County Slowly Increasing
Cautiously, San Diego County home prices continued to increase throughout the month of July. The lowest median price for the year was recorded in January of this year at $280,000. The median price in July of this year came in at $320,000.
San Diego County home sales surpassed the mark of 3,800 units. This numbers marks the highest number of units sold in three years. July sales are up eleven percent from 2008.

Analysts continue to caution that any rapid market recovery is unlikely to take place in the near future; on the plus side, a very active fall is predicted by some.

Nearly 30% of homes sold in July were above the five-hundred thousand dollar range, causing an impact on the median price.

As of August 17, the San Diego Association of Realtors reported that the inventory of active home listings was at a 2.5-month supply at just under 8890 units. This amount of inventory would not be sufficient in normal market conditions. The large amount of distressed properties (foreclosures and short-sales) has dominated the market. Nondistressed home owners seem to be viewing this as not the best time to sell their homes.

The greatest number of home buyers is made up of first timers who are taking advantage of the $8000 tax credit. Discussion regarding the extension of the credit has taken place, yet no action on the proposal has occurred.