San Diego Downtown Real Estate

With the help of the first-time buyer's tax credit, existing-home sales bounced back strongly in September. According to the National Association of Realtors, this marks five gains in the past six months.

Existing home sales consist of single-family, townhomes, condominiums and co-ops, which can be found in the Downtown San Diego Real Estate market.

These increased 9.4% to a seasonally adjusted annual rate of 5.57 million units in the month of September from 5.10 million in August. This means sales activity is at its highest point in over two years.

NAR chief economist Lawrence Yun states hope in the extension and expansion of the tax credit to continue the rising sales momentum and finally reach a point of self-sustaining recovery. This also means hope for the rise in sales of Downtown San Diego Condos.

At the end of September, total housing inventory fell 7.5% to 3.63 million existing homes available for sale. Currently, the housing supply is the lowest it has been in two and a half years.

If things continue at this rate, home prices including Downtown San Diego Condos could return to normal by next year.

Existing-home sales increased throughout the entire country in the month of September as follows: in the West, they increased 13.0% to an annual rate of 1.30 million and are 5.7% above a year ago.

In the South, they rose 9.0% to an annual level of 2.06 million and are 10.8% higher than September 2008.

In the Midwest, these sales jumped 9.6% to a pace of 1.25 million and are 7.8% above a year ago. And in the Northeast, existing-home sales increased 4.4% to an annual level of 950,000 in September, and are 11.8% higher than September 2008.

For further information on any Downtown San Diego Condos contact:

Gregg Neuman

Gregg@sellSanDiego.com

1-800-221-2210

www.SellSanDiego.com

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