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November’s existing San Diego homes sales were up from October’s abysmal pace, but only by 3.4 percent. On a year-over-year basis, resale activity was down 29.1 percent.
That’s my theory, anyway. Whatever the reason, inventory levels have not followed last year’s pattern but have instead been fairly flat since the summer.
At November’s pace of sales, it would have taken 12.4 months for all of the available resale inventory to be sold. This is slightly better than October’s 13.1 months of inventory but far higher than we saw last November, as the accompanying graph shows, and firmly in bear market territory.
— RICH TOSCANO