Scott Marks 9:44 a.m., May 21
Home prices up again in September, sales volume slows
New housing numbers out from the California Association of Realtors show housing prices up but sales numbers down in September, as inventory throughout the county and state remains tight, particularly in the sector of bank-owned homes, which have made up a disproportionate share of sales in recent years.
Last month the inventory of homes for sale was equal to about 3.7 months’ demand, up from 5.3 months’ worth in September of 2011. The trade group says a 7-8 month supply is an indicator of a stable market, with excess inventory signaling declining prices and low inventory indicating appreciation. Indeed, the Association says both month-to-month and year-to-year values were up for a seventh straight month.
In San Diego County, the median sale price of existing single family homes has risen from $364,180 a year ago to $404,880 last month, an 11.2 percent jump. The number of closed sales was down almost 19 percent as compared to August, but still 7.3 percent more properties sold in September as compared to a year ago.