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Are Homes Still Selling in Costa Mesa, or Was There Really a Market Slow Down?
Are Homes Still Selling in Costa Mesa, or Was There Really a Market Slow Down?
 
According to the National Assocation of Realtors (NAR), existing home sales fell 27% in July, bringing them to the lowest level since 1995.
 
Does that mean that the floor dropped out of the real estate market in Costa Mesa, or are Costa Mesa Homes still selling?  To determine this, I looked at statistics for the end of June and the end of August, after the supposed drop to see if homes are still selling.
 
What did I find, I found that though there has been a drop in home sales, it wasn't the precipitous drop reported by NAR.
 
As of 8/29/10, 47 homes had sold in Costa Mesa during the month of August with 241 homes actively for sale.
 
Compare that to 60 homes sold in the month of June as of 6/26/10 with 215 homes actively for sale.
 
So, there's definitely a difference, but how big is it really?
 
If you look at the number of months of inventory (homes on the market) over a 3 month period, you'll see that it's not a huge change.  Between June and August, ... more

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