Watching this real estate market closely is an obsession of mine. Almost daily there are stories written and statistics published that taken all together, begin to show a picture.
And studying the micro market of Santa Rosa, more specifically, home sales in Bennett Valley - the picture is clear. Good home priced at 2001-2002 levels will sell. All others sit on the market for 120 days or longer as the home inventories continue to grow.
The Commerce Department reported Tuesday that new-home sales rose by 2.4 percent last month to a seasonally adjusted annual rate of 515,000 units, the most since April. But sales in June had plummeted to a pace of just 503,000 — down from previous estimates of 530,000 — to mark the worst showing since September 1991.
The average price of a new-home sold in July was $294,600, down 4.1 percent from a year ago. The median home price — where half sell for more and half for less — was $230,700, down 6.3 percent from last year.
The National Association of Realtors reported Monday that sales of previously-owned homes rose in July as discounts lured buyers. However, the number of unsold properties hit an all-time high, an indication that the worst housing slump in decades is far from over.
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