According to La Jolla- based MDA DataQuick, San Diego County home prices fell by 2 percent in October, compared to the same month a year ago, but, home prices rose by 0.5 percent.
Home prices across the Southern California region — including Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties — dipped 6.7 percent to $280,000. The median price of a Southern California home was $280,000 in October, up 1.8 percent from $275,000 in September but down 6.7 percent from $300,000 in October 2008.
“The government is playing a huge role in stabilizing and, to some extent, reinvigorating the housing market,” said John Walsh, MDA DataQuick president. “Its actions have triggered ultra-low mortgage rates, plentiful low-down-payment financing, an extended and expanded tax credit for home buyers, and programs and political pressure aimed at reducing foreclosures.”
Homeowners should be prepared to ride out the current fluctuation, because in the long run values should continue to escalate.
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I remember in 2005 that it seems every month the paper reported that real estate sales were down by double digits though the values seem to be holding up. You would think an intelligent person would realize sales cannot drop by such a magnitude without values following.
San Diego Real Estate Agent