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Tax Credits Encourage Increase in Home Sales

The San Diego Association of Realtors released its May 2010 housing statistics last week, noting that as predicted, sold listings increased approximately 20 percent compared with the previous month as buyers took advantage of the federal and state home buyer tax credits.

As a result of both the tax credits and an improving market, sold listings for May 2010 were well above those of May 2009 as well, SDAR reported. Average days on the market for these homes remained relatively unchanged from the previous month. According to the association’s report, the median price of homes in San Diego County changed little from the previous month, but when compared with last year, an increase of 15 percent for detached homes and 16 percent for attached homes is a positive indicator of change in a healthy direction.

“This increase in sales was not unexpected. The market appears to be continuing to stabilize and remains affordable for buyers in the entry-level market,” Mark Marquez, 2010 SDAR president, said in a news release. “The California Franchise Tax Board, as of June 10, estimates that 57 percent of the $100 million allocated has been requested by buyers. Those looking to take advantage of the credit should do so quickly.”

Here are highlights of the statistics:

Total Sold Listings Year-Year
  • Detached: 13 percent increase

May 2010 ............2,017
May 2009 ............1,786

  • Attached: 24.6 percent increase

May 2010 ............1,128
May 2009 ............905

Median Sales Price Comparing

May 2010 with May 2009

  • Detached: 15 percent increase

May 2010 ............$391,000
May 2009 ............$340,000

  • Attached: 16 percent increase

May 2010 ............$237,000
May 2009 ............$204,000