Industry NewsMarkets & Economy

Price cuts boost sales

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Sales picked up from July to August in 12 of 25 metropolitan statistical areas tracked by Radar Logic Inc., as heavy discounts on "motivated sales" pushed prices down in all but a few markets. Part of the recent pickup in sales reflects an expected seasonal uptick in market activity at the end of the summer, Radar Logic said. But In California, Arizona and Nevada, deep price discounts associated with foreclosures appear to have attracted buyers. Seven of nine markets that saw sales increase from a year ago were located in those states. The nine MSAs that saw sales pick up from a year ago were Sacramento (up 74.9 percent year-over year), San Diego (52.9 percent), Los Angeles (47.4 percent), San Francisco (32.9 percent), Washington, D.C. (30 percent), Las Vegas (29.5 percent), Phoenix (22.9 percent), San Jose (16.3 percent), and Minneapolis (3.3 percent). Despite seeing a big increase in sales from a year ago, Los Angeles and Las Vegas saw transactions fall slightly f...