Following three years of losses, some analysts state that these current numbers reflect a stabilization of the market. The reality of the situation is that there were fewer lower priced homes (foreclosures and short-sales) that closed escrow in August. Many potential home buyers and sellers remain concerned about the housing market and continue to hold off on either listing or buying homes.
There were just over 3,300 sales recorded in San Diego County in August. Compared to July, sales are down just over 13%. Reductions are attributed to the decreased amount of distressed home sales last month- just over 1,300 in July; approximately nine hundred eighty in August.
Foreclosure numbers in the County have declined, yet remain high when compared historically. Homes above the $400,000 price point are moving slowly, with fewer available properties on the market. Some analysts feel that the declining numbers of distressed properties available are falsely skewing the median price points, and that the market remains weak. Others cite the approaching deadline of the first-time home buyer tax credit as a reason for the decline in sales numbers.
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