San Diego Real Estate Sales Uptick
San Diego home sales
In a report issued by MDA DataQuick, July San Diego home sales were up by 11% from the same period a year ago. This should come as no surprise as many first-time buyers have been enticed by an $8,000 federal tax credit, interest rates around 5% and a California new-home buyer’s credit. The San Diego median home price was$320,000, up from $280,000 in January.
The best summation of the San Diego housing market was a statement by Andrew LePage, a MDA DataQuick analyst: “Overall, prices still appear soft, they’re not plunging anymore, but I also don’t see them climbing consistently month over month in most areas. When they climb, it’s pretty minor. They’re flat, at best, in most cases.”
The first time, lower end properties are generating the most interest. It is quite common to see multiple offers and properties selling for at, or over, the listed price in the first time buyer market segment. The majority of the offers are FHA with 3.5% down.