As for the California State Tax Incentive for Buyers, nearly all of the 100 million dollars that were set aside have been claimed. The deadline for reserving a Tax Credit Certificate from the state was August 15, and was only for those whose escrows had closed.
It seems that most of the buyers who were motivated by the available credits had filed the essential paperwork during June. This left a lesser number of sales in process for closings in July, which has resulted in sales dropping off.
Home sales in San Diego County were down by 21 % to 3,070 in July over the preceding months' 3,885 and were 19.4 % lower than those in July a year ago, causing this past July to have the lowest number of sales since the same month in 1995. Also, it was the least number of sales of new homes since July, 1988, when the local market was first tracked.
Despite the drop in the number of sales, the general median price of a home was higher by $2,500 to $338,000 during July over June. This was just $2,000 under the highest amount in the current cycle of $340,000. The median price of a resale single family home in the County stayed in July at the preceding months' $380,000, which is the highest median figure for that type of home since just under $400,000 which was reached in July of 2008. Resale condominiums saw an increase of their median price to $224,000 in July over the preceding months' just under $220,000. The median price of a new home rose from just over $430,000 to $462,000 from June to July.
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