With the end of the summer buying season for San Diego homes for sale, it is prudent to keep a close watch on the inventory level as it directly affects the the San Diego home prices. The following chart breaks down the inventory into price range categorys. The information is current as of October 2, 2009.
In terms of change, single family attached homes have less inventory, across the board, up to $900,000. San Diego single family detached homes for sale had less inventory across most price ranges, with only a slight increase (less than 2/10th of a month) between $350,000 and $600,000.
Barring outside influences, home prices are expected to be stable or inch-up through the end of the year.
The most significant outside influence is the first time homebuyer tax credit. According to NAR reports, this is responsible for approximately 20% of all sales in the last year. With the tax credit about to expire, home sales... at least until such time as an extension is announced. Given the current limited inventory, home prices are not likely to suffer much over the next several months.
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Robert, What a ride in real estate this year! I think we just have to hang in there and continue to keep the public informed. You've done a great job of that with your explanation and graph.