In September, for the fifth straight month, the Pending Home Sales Index hovered near its benchmark value of 100, registering 99.5.Continue reading>>> Pending Home Sales Index Suggests Housing Momentum Into 2013
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Followers of the market report know inventory in San Diego County has been at or near the low end of the spectrum for the past year. This has had a salubrious effect on prices. The median price for single-family, re-sale homes is up 10% year-to-date, using a 3-month moving average.
The 3-month moving average median price is up 26% from the bottom of the market: March 2009. Which brings us back to the question, “where are all the sellers?” You can forget about the banks. There is no “massive shadow inventory” that will suddenly increase inventory.
Currently, banks own about 3,562 properties in the county, …