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August 04, 2010

SALES OF PENDING HOMES DOWN
Nationwide, pending home sales (those under contract but have not yet closed escrow) were down 2.6 % this past June from the preceding month. When compared with June of last year, they are down by nearly 19 %.

However, things are a bit brighter in the Western region (which includes San Diego), where pending sales dropped 0.2 % during June from May and are lower by 14.2 % from June of 2009.

One economist has stated that he believes that home sales will keep on being slow for the next several months, possibly improving towards the end of the year so long as the job market keeps improving. The creation of more jobs is essential to a rebuilding of the housing market. Due to the fact that the price of homes has dropped to basically reasonable levels, he does not think that there will be any drastic drop in home values nationally.

Meanwhile, locally, home prices may not be affected by any slowing in sales in the near future, according to another economist. To date, the San Diego area has gone against the national trends and may well keep doing so. While it is possible that there may be some local incidences of a slowdown in home sales, it may be that the San Diego area economy has enough strength to support home prices.

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