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The number of existing homes for sale in San Diego continued its upward march last month.  Since January of this year, inventory has increased by 29 percent.  This compares to an 11 percent decrease during the first six months of 2009, when a shortage of inventory helped ignite the price rally that has taken place since that time.

Months of inventory, which is the more important measure because it factors in housing demand, rose a little but remained low at 4.7 months. 

This is comfortably within the range of inventory in which prices have historically been pressured upward.  Yet while June sales were slightly down from the prior month, they were still likely artificially high due to the various tax credits are now either expired or not long for this world.  In the absence of further stimulus, a drop in sales could push that months-of-inventory figure up in the very near future.

— RICH TOSCANO

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