According to the article,(http://www.dqnews.com/RRCA0807.shtm) 35,185 new and resale homes were sold last month. It is down from the previous year and about half of what was being done in ‘04 but I think the fact is that 35,185 new and resale homes were sold last month. That is still a lot of activity for a place where the sky is falling. As I believe, if you are looking for your home-the place you will sleep, hang your hat, have dinner parties, read your child a bedtime story and cheer on the padres from your couch- then it is always a good time to buy. Stop renting and start receiving tax benefits for home ownership. Stop paying for someone elses retirement investment and begin yours. Take control of your situation and don’t let others dictate it for you.
The Median home price going down means one thing. More lower priced homes are selling than higher priced homes. When the Median goes back up it means that higher priced homes are selling. Thank you John Madden for teaching me to state the obvious. Typically, when a median goes down, it is because more of the starter style homes, condos/conversions etc. are being sold as opposed to the higher end homes/estates that command a higher price. It is just an average of what is selling. It is not indicative of the ability to sell or buy. Homes are still selling- period. Some homes have a long market time, others have very little market time. It all depends on demand of a particular style of home. Particularly in downtown. The demand for a Loft, 2 bedroom, 1 bedroom or studio will vary.