Thursday, September 13, 2012
San Diego home sales hit a seven-year high last month and home prices here are the highest they've been in six years.
SAN DIEGO Low mortgage rates, more move up buyers and more cash only sales from investors all added up to more home sales in August.
DataQuick tracks sales activity around the nation. The company's Andrew LePage said 3,981 homes changed hands in August. That is the most homes sold in August since 2005.
Home sales across the six-county Southern California region were up 10.8 percent from a year ago.
"The big picture is that the move up markets have come alive at the same time that the lower cost, particularly inland markets have seen fewer sales," said LePage. "There have been fewer foreclosures. We've seen a very sharp drop in foreclosure resales."
Home prices are also at six-year highs. DataQuick found the average price of a home peaked at $345,250. That's just over $25,000 more than what the average price was a year earlier.
Mortgage rates are at record lows, but the credit market remains tight and that's keeping a lid on home sales, according to LaPage.