Inventory Declines, While Pending Sales Continue to Rise. Where are the REOs?

Inventory of single-family, re-sale homes continued falling in August, and it is now down 59.3% year-over-year. Pending sales, meanwhile, climbed 52.2% from July, and were up 90.7% compared to August 2008. After rising four months in a row, the median price for homes took a breather last month and was down 6.4% from July, a year-over-year decline of 14.3%. Year-over- year, the average price was off 17%. Home sales increased, year-overyear, by 6.2% in August.

This is the fourteenth month in a row homes sales have been up compared to the year before. Year-to-date, home sales are up 22.3%. The sales price to list price ratio for homes rose 0.5 of a point to 100.7%. This is the second month in a row the ratio has been over 100%. Days of inventory rose seven to 74 days for homes. It was up five for condos to 72 days. Condo sales fell 10.4% from July, but were up 6.5% year-over-year.

The median price for condos fell 1.2% from July, and it was off 20.5% compared to last August. The average price rose 3.4%, month-over-month, but was down 15.5% compared to August 2008. Condo inventory was down 60.4% year-over-year, while pending sales were up 128.9%. The sales price to list price ratio for condos rose 0.8 of a point to 100.7%. The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood visit Home Values in San Jose for a neighborhood by neighborhood report on trends. To download this complete report click here.