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Search the San Diego MLS(includes all areas in San Diego County)
February 02, 2009
WHILE DECEMBER SALES WERE DOWN, YEARLY SALES WERE UP FOR 2009
After the number of sales of existing homes rose from September through November, 2009, they were down in December, largely due to the number of first time purchasers attempting to close escrow prior to the then deadline of November in order to take advantage of the tax credit. Despite there having been fewer
sales during December, 2009, prices were up from the preceding December and sales for 2009 were up over those of 2008 by 4.9%.
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While home sales for 2009 are above those of 2008, we must remember that there were some ups and downs due to the tax credit. It is probable that there will be another up period for sales this coming spring due to the expanded and extended tax incentives as purchasers try to take advantage of them before the deadline. By this coming summer, there should be an inventory that is more balanced, which should prove to be beneficial to the general Real Estate market hopefully bringing about a rise in sales for the upcoming year. There is still the situation of the reduced availability of jobs, which could slow the recovery of the housing market. The creation of new jobs is essential to a continuation of the recovery in the latter part of 2010.
Going by regions, the northeast showed a December drop in sales of existing homes by over 19%, but is above the year ago number by over 21%. The median price of a home was higher by over 3% from December of 2008. The Midwestern region was down by nearly 26% in December, but up by over 8% from the preceding year. The median price showed an increase of nearly 2% over a year ago. Sales in the south were off by over 16% in December, but higher by over 15% than a year ago. The median price was actually down from the preceding year by 1%. In the west, sales of existing homes were down in December by nearly 5%, but are higher than in December of 2008 by 15%. The median price was higher by nearly 3% from December 2008.
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