Last year, San Diego County's numbers pretty much reflect the number of home sales up about 10%, but the prices down about 15%. Foreclosures and short sales made up about half of the sales last year.

Nationwide, home sales in 25 metro areas increased 1.5 percent nationwide in November compared with the previous month, and 46.7 percent compared with November 2008, according to a report by Radar Logic Inc.  Prices decreased 4.2 percent across all metro areas surveyed; however, eight areas experienced year-over-year price increases.  Half of the areas with year-over-year price increases were in California, according to the report.  Radar Logic’s Residential Property Index (RPX), which measures changes in the price per square foot of homes, shows that transactions increased in 9 of the 11 months ending in November.

"Affordability measures are at their highest levels in years and home sales are moving toward normal levels. Nationwide, foreclosure sales have declined from 29 percent of total sales in November 2008 to 23 percent of sales in November 2009," said Michael Feder, president and CEO of Radar Logic.

A fourth-quarter survey conducted by HomeGain showed that 72 percent of HomeGain members believe that home prices will remain the same in the next six months, an increase from 69 percent in the third-quarter survey.

According to the recent survey, HomeGain members said that 37 percent of home buyers believe that homes for sale are fairly priced or under priced, compared with 36 percent in the third quarter.  Conversely, 41 percent of homeowners think their homes should be listed 10 percent to 20 percent higher than what their agents recommend, up from 38 percent in the third quarter.

The first-time home buyer tax credit has helped drive sales, with 21 percent of respondents saying half of their transactions involved a first-time home buyer, with only 11 percent noting that none of their transactions involved a first-time home buyer. 

HomeGain Press Release

The San Diego Union Tribune reports that home sales have beaten expectations and risen 9.4% in September. That marks the largest monthly increase in 26 years as buyers scramble to purchase before the $8,000 tax credit is set to expire November 1st. Economists are saying there's a mini-boom going on in the housing market and prices have risen 24% since their bottom in January of this year. Don't let it fool you, things are much better, but prices are still down 23% from their peak four years ago. Prices are still down, also, dragged down by the number of foreclosures and short sales but as inventory continues to dwindle, experts believe prices will start stabilizing if they haven't already.