A few hours ago, I wrote San Diego Single Family Detached Homes - Sales Rate Drops Precipitiously in August 2009. We just saw about a 20.6% decline in sales from July to August 2009. But, I included the speculation that the decline is less a sign of disinterest but rather lack of inventory.
In the chart below, we see that for single family detached homes we have just about 1-month of inventory for prices up to $350K, and less than 3-months inventory for up to $600,000. For single family attached homes, we have about 1.5 months of inventory for prices up to $300K and less than 3-months for up to $450K.
You may want to compare this chart with last month San Diego Real Estate - Months of Inventory - Market Report - July 2009 when our sales rates were higher, but so was our inventory. The most noticeable item is the continued reduction in inventory across all price ranges.
At the "normal" end of the market, it is definitely a sellers market.
The June 15th foreclosure moratorium of 90 days will expire in 3 days. Let's see how much inventory the banks start putting on the market.