The existing home sales figures put out by the National Association of Realtors had some good news last month. The overall sales figure was up 1.4% versus the same month last year. While that's not exactly a huge increase, it is a positive number.
The better news comes from a closer look at the data. While most regions of the country actually saw a decrease, in the West the increase was 34.4% over last year. Now that is something to get excited about.
Granted, Southern Oregon is a very small part of the West. However, if the big markets in California can mount a recovery, that will certainly be good news for us. Other good news is starting to trickle out of California. Unsold inventories are dropping as well, which only makes sense when sales are up. Inventories are down 21% in San Diego, 21.6% in Orange County and 32.1% in Sacramento.
One month's worth of sales figures is not enough to really call it a recovery, but if this keeps up we could be seeing light at the end of the tunnel for our local market as well. Check back here for next months existing home sales figures which are due out on November 24th.
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