SAN DIEGO Real Estate and National Real Estate market update

The NAR released new data that shows an unexpected increase in existing home sales for August…Up 8.8% compared to August of 2007. SAN DIEGO Real Estate numbers will be a bit different, as SAN DIEGO has been hit hard by the foreclosure crisis!

Its safe to say that the existing homes sales increased due to a couple important elements:
1) Short sales are closing (faster)
2) Banks are dumping their REOs.
Have you seen this CNBC chart comparing Existing Home Sales and Pending Home sales from a June article titled: NAR’s Pending Home Sales: Something’s Amiss




Source: CNBC Reality Check


But here is a longer term graph from the WSJ.



Source: WSJ Real Time Economics

This shows that existing home sales do track Pending Home Sales pretty well over a longer period.

Note: The WSJ advanced pending home sales one month.

And here is a third graph from Northern Trust:




Source: Northern Trust

Note that Northern Trust uses a 2 month lag.

This shows that the choice of scale and time period can impact these types of comparisons. I think the first graph is misleading, and that Existing Homes Sales do track Pending Home Sales pretty well.

San Diego Real Estate has been hit hard by the forelcosure crisis, so the numbers here might vary. Overall, homes are selling when priced right, marketed correctly and showable!

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