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September 2008 Santa Cruz Real Estate Update |
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Nationally, existing-home sales rose in July to the highest level in five months, although they continue to be well below the numbers from last year at this time. “Sales have picked up significantly in several Florida and California markets. Home prices generally follow sales trends after a few months of lag time,” according to the National Association of Realtors. “Still, inventory remains high in many parts of the country and will require time to fully absorb. We expect more balanced conditions in 2009 and will eventually return to normal long-term appreciation patterns.”
What does all that mean? We expect that sales activity will slowly start to climb through the rest of 2008 and into 2009 and prices will slowly find bottom. Until then, there are some amazing bargains available for the investor.
Call us if you’re thinking about buying or selling a home, we’d love to hear from you or your friends anytime.
Dan and Lyn
Sept 2008
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