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Housing Inventories Continue to Increase Across The Nation While Prices are Reduced In Some Markets

The trend in the numbers of homes for sale isprices. In the month of August prices were
continuing to increase across the country.down 2.2% from August of 2005. This was the
Housing inventories are clearly rising. Thethird straight month of year over month price
more houses for sale, the more downwarddeclines. According to DataQuick, August of
pressure  there  will  be  on  home  sales.2006 was the slowest month for home sales in
San Diego since August of 1997. In August of
A study by ZipRealty has found that housing2005 the median price of homes in San Diego
inventory has increased in 18 major marketswas $493,000. In August of 2006 the median
across the US. This data is based on condosprice of homes in San Diego dropped to
and  single  family  homes.$482000.
Look for the markets with the largestThe home prices in San Diego county peaked in
increase in inventory and you will find theNovember of 2005 at $518000. With more homes
markets that will have the least support forcoming onto the market the downward trend in
current prices. The place that experiencedprices is expected to continue. According to
the largest increase in inventory in AugustDataQuick the prices will not head into a
was Orlando. In Orlando housing inventory forfreefall. It appears for the near future that
sale increased by 8%. Also in Florida Miamiprices  will  slowly  continue  to  deflate.
also experienced a large increase in homes
fore sale. In Miami the increase was 5.6%.This projection is based on the strong
Florida as a whole has experienced a largeeconomy of San Diego County. In this strong
jump  in  homes  for  sale.economy housing prices will slowly deflate
and then flatten. As long as the economy
On the west coast the city that has theremains strong (there are no signs of
highest increase in in homes for sale isweakening now) home prices will not go into a
Seattle which has experienced an increase offreefall.
6.1%. Next is San Francisco with a housing
inventory  increase  of  5.6%.The condo market in San Diego may not fare as
well as the single family home market. In the
Another indicator to watch is the percentagecondo market there has been a large amount of
of homes whose prices have been reduced in aspeculation. The most dramatic price drop is
fixed time period. In the last ten days 44%in downtown condo housing. In August of 2005
of the homes for sale in Boston have hadthe median price of a condo in downtown San
their prices reduced. Sacramento is closeDiego was $654000. In August of 2006 the
behind Boston with 43.6% of its homes formedian price of a condo had dropped to
sale having their prices reduced in the last$495000. This trend may be emerging in other
ten  days.areas of the country that have had over
building or over conversion in the condo
Of the 18 metropolitan areas included in themarket. Areas in Florida and Las Vegas have
study (all of which had homes reduce theirexperienced  an  oversupply  of  condos.
prices in the last ten days on the market),
Dallas was at the low end with 27.4% ofOne trend that is emerging in San Diego is
homes on the market reducing their prices. Inthe unwillingness of many sellers to accept
San Diego 28.8% of homes on the market havethe lower prices offered for their homes.
dropped  their  prices  in the last ten days.Expectations are still not in line with the
market. While homeowners are holding out for
In southern California San Diego is thehigher prices, the market continues to
leading county to watch for trends in homedecline and home values fall even further.



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