In real estate, the term existing home refers to a “used” property; one that can’t be classified as new construction.
The number of existing homes sold each month is tracked by the National Association of REALTORS. The report is often used as a gauge for the health of the real estate market nationwide.
In October 2008, nearly 5 million existing home sales occurred across the U.S. This figure represents a slight drop from September’s reading, and a equally slight drop from the October 2007 data.
But, October’s Existing Home Sales figures marked the 14th straight month in which Existing Home Sales straddled 5-million units. This is a remarkable statistic because 14 months of anything is a pattern, not a blip. Despite what the news tells us, Americans are buying and selling real estate at a somewhat steady clip.
And in this dismal real estate market, that bodes well for the San Diego real estate market.
As we head into the Holiday Season, buyer activity should slow, reducing demand for homes. At the same time, however, widespread foreclosure moratoriums should reduce the number of homes available to buy–at least for awhile. So many homeowners are hoping this will be the case.
These forces should counter-act to help keep the market (and prices) in balance at least for the next few months and hopefully through the next year and beyond.