San Diego home sales post 4-year low for September
Annual San Diego home sales hit a four-year low in September, Fidelity Pacific Real Estate said Monday. Sales declined 4.6% year-over-year for the month and were also down 5% from August. That's somewhat typical of a slowed demand moving into winter, though a larger increase than expected according to the report. Home prices continued to decline, down 4.5% year-over-year. Distress sales, which include foreclosures and short sales, made up about 44% of total sales in the area, and will likely cause prices to remain stagnant. Housing inventory declined 9%, also relatively normal for the season, though this could be attributed to homeowners reacting to current price trends. Distress sales make up about 35% of active inventory. Southern California home sales went up a slight 0.3% year-over-year in September, according to a report Thursday from DataQuick. Write to Andrew Scoggin. Follow him on Twitter @ascoggin.