Housing Downturn Could Be Approaching Bottom

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Thursday, October 23, 2008

Housing Downturn Could Be Approaching Bottom

From San Diego Tribune, Tuesday Oct. 21st

The following statistics were notable:

September 08 as compared to September 07 for combined Resale houses & condos and new homes and condos as per DataQuick

* +56.4% increase in the number of sales
* -30.2% decrease in the median price
* 47.3% of all resales were foreclosures

SDAR

* 17,447 Active listings as of October 20, 2008 down 16.1% from year-ago levels and lowest since April last year.

* At current pace of sale, that represents about 5.6 months of inventory. Typically a balanced market between buyers and sellers occurs when there is three to six months unsold inventory.