The Morning Report
Get the news and information you need to take on the day.
The median price per square foot for San Diego resale homes was effectively unchanged for the month of September:
Closed sales and pending sales were both down pretty sharply for the month, by 11 percent and 14 percent respectively, but still slightly above their levels from a year prior:
Inventory for sale declined by 5 percent and was down 11 percent from last year:
The drop in pending sales was bigger than the decline in inventory, so the all important months-of-inventory figure (which measures how many months of supply there is at current rates of demand) increased to 5.3 months. This is a 12 percent increase for the month, but still 16 percent below last year’s figure.
The number of months’s worth of inventory is not too far from the level where it has historically tended to start putting downward pressure on home prices. For now, though, supply and demand suggest a lack of any dramatic price movement in the months ahead.