San Diego Condominium Sales Price Appreciation
San Diego California resale condominium appreciation
In the table below, www.brokerforyou.com looked at selected San Diego neighborhoods that
had 10 or more closed sales in August 2008 & August 2007.
The sales data was compiled by DataQuick Information Systems & published in the 9-28-08 edition of the San Diego Union-Tribune.
One should keep in mind the above chart is just for a one year period (August 2007 vs. August 2008) and
San Diego home values topped out around the Summer of 2005!
Lastly, I would note that these figures do not take into account the very prevalent seller concession (usually payment of thousands in the buyer's closing costs) necessitated by an ultra strong buyers market place.
A few of our related prior posts were:
San Diego Real Estate Market … What Did You Expect?
San Diego Real Estate – 5th Largest Decline Through July
San Diego Home Sales Up … San Diego Home Median Price Drops
Southern California Home Prices Drop 34% in August
#1 Key To Purchasing Real Estate in the San Diego Market
San Diego California Home Sellers Lose Big
The San Diego California Real Estate Great Depression
Yale Professor … House Price Decline Could Be Worse than Great Depression
Survey Says Home Values Must Fall Another 14%
Jumbo Financing and the Impact on The San Diego Real Estate Market
Believe the local San Diego ‘experts’ that subprime delinquencies are slowing?
More homeowners than ever are selling at a loss!
San Diego County Foreclosures up 125% from 2007
Pending home sales rise to Highest Level in Six Months
More people are starting to buy homes, according to the National Association of Realtors.
The NAR's index of pending home resales rose an unexpected 6.3% in April to a reading of 88.2, the highest level in six months. "Bargain hunters entered the market en masse, especially in areas that have experienced double-digit price declines, but it's unclear if they are investors or owner occupants," said Lawrence Yun, NAR's chief economist, in a statement.
The number of pending home resales is down 13.1% from April of last year. San Diego home sales
New Home Sale Increase
The month of April had a 3.3% increase in new home sales over March, according to the Cencus Bureau. The rise is unexpected, especially coming after continued reports of home sales dipping to record lows. While this bit of positive news is encouraging, overall home sales are still at a record low of 42% down from last year, the lowest rate since October 1991.
"The momentum is still downward, and that April number is still weak," said National Association of Home Builders chief economist David Seiders. "April marks only a partial reversal of that steep March decline."
April's sales were at and adjusted rate 526,000, nearly 6,000 over the consensus forecast, according to a survey done by Briefing.com.
183,000 Homeowners Get Help To Stay In Their Homes
183,000 at-risk homeowners got to stay in their homes this April, thanks to Hope Now, a coalition of mortgage lenders, servicers, investors, and community members who have banded together to help prevent foreclosures. Although foreclosures are still rising (up 65% from this month last year, according to online marketer, RealtyTrac), the relief organization is optimistic.
"These numbers clearly demonstrate that Hope Now is succeeding at helping homeowners avoid foreclosure and stay in their homes," said Hope Now's executive director, Faith Schwartz.
Hope Now has increased the number of homeowners it has helped from March to April by 7.6%, and completed 1.6 million at-risk loan workouts since July 2007. San Diego County real estate agents