Dataquick reported home sales for Ventura County for August 2010 today. Home sales came in at 719 down 9.7% YoY and down 4.0% MoM. The median sales price came in at $370,000 down 1.5% YoY and flat MoM. Volume was lower from what I predicted at the beginning of the month. The anemic volume continues and looking forward to the weekly inventory pending and contingents it doesn't look like the malaise will end anytime soon. Prices will continue under pressure as a result.
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When the FED started lowering interest rates this Spring I made a post on this site wondering if lower interest rates would create a newer demand cycle, I guess this summer the question has been answer!
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