San Diego real estate blog

The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today that Home sales increased 117.1 percent in October in California compared with the same period a year ago, while the median price of an existing home fell 39.9 percent.

“The year-to-year decline in the statewide median home price was smaller in October than the previous month for the first time in 11 months,” said C.A.R Vice President and Chief Economist Leslie Appleton-Young. “However, there is still no conclusive indication that prices have begun to stabilize.” For San Diego, the report showed the median home price for October was down 9.6% vs. September and off 37.4% from October 2007.*To view the full post and charts, please visit the San Diego real estate market blog

The Standard & Poor's/Case-Shiller U.S. National Home Price Index just released, tumbled a record 16.6% during the quarter from the same period a year ago. Prices are at levels not seen since the first quarter of 2004. The 20-city index fell by 17.4% in September compared with a year ago, the largest drop since its inception in 2000. *To view the full post, please visit the San Diego real estate market blog

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The Federal Reserve said it will buy up to $100 billion in direct obligations from mortgage giants Fannie Mae and Freddie Mac as well as the Federal Home Loan Banks. The Fed also will buy $500 billion in mortgage-backed securities, pools of mortgages that are bundled together and sold to investors.

San Diego real estate

The National Association of Realtors just released data showing existing-home sales – including single-family, townhomes, condominiums and co-ops – fell 3.1 percent in October. NAR's chief economist, Mr. Lawrence Yun, said: “Many potential home buyers appear to have withdrawn from the market due to the stock market collapse and deteriorating economic conditions. We have favorable affordability conditions, but we need more than that to give buyers with jobs the confidence they need.*To view the full post, please visit the San Diego real estate agent sales blog

In a report released by MDA DataQuick the median sales price for homes in Southern California fell to $300,000 in October, a level not seen since 2003 and a 41% drop from the peak price set in the spring and summer of 2007. *To view the full post, please visit the San Diego real estate agent blog