Housing Market to remain weak Through 2008
"The housing market is profoundly weak,” said Ken Mayland, president of Clearview Economics. “The economic slowdown really took hold in the third quarter, and, I think, it is going to basically continue through the first half of next year.”This underscores an important fact about the economy. It can be temporarily bolstered by an irrational buying trend, but eventually it returns to reality. 2007 appears to be headed for a reality check." real estate San Diego [tags] real estate market real estate, housing, housing market, San Diego real estate, real estate bubble, California real estate, San Diego home values[/tags]
Both Home Prices & Sales Decline in Many Areas of California
November 2006 Regional Sales and Price Activity*
Regional and Condo Sales Data Not Seasonally Adjusted
|
|
Median Price |
Percent Change in Price from Prior Month |
Percent Change in Price from Prior Year |
Percent Change in Sales from Prior Month |
Percent Change in Sales from Prior Year |
||
|
|
Nov-06 |
Oct-06 |
|
Nov-05 |
|
Oct-06 |
Nov-05 |
|
Statewide |
|
|
|
|
|
|
|
|
Calif. (sf) |
$555,290 |
0.7% |
|
1.4% |
|
1.7% |
-22.2% |
|
Calif. (condo) |
$424,740 |
-0.1% |
|
-2.2% |
|
-1.8% |
-23.1% |
|
C.A.R. REGION |
|
|
|
|
|
|
|
|
Central Valley |
$340,370 |
-1.4% |
|
-3.9% |
|
-12.0% |
-29.7% |
|
High Desert |
$332,340 |
1.1% |
|
3.6% |
|
-7.5% |
-36.7% |
|
Los Angeles |
$590,790 |
1.3% |
|
2.7% |
|
2.4% |
-21.6% |
|
Monterey Region |
$698,220 |
-0.6% |
|
-3.2% |
|
6.0% |
-12.0% |
|
Monterey County |
$660,000 |
0.8% |
|
-3.6% |
|
-4.0% |
-26.4% |
|
Santa Cruz County |
$719,000 |
-4.6% |
|
-8.9% |
|
17.9% |
8.9% |
|
Northern California |
$394,150 |
1.7% |
|
-7.7% |
|
-11.7% |
-8.9% |
|
No. Wine Country |
$615,150 |
4.6% |
|
-1.0% |
|
-13.5% |
-23.1% |
|
Orange County |
$699,200 |
2.6% |
|
0.5% |
|
-11.3% |
-16.7% |
|
P. Spgs/Lwr Desert |
$369,900 |
8.5% |
|
-2.1% |
|
-14.2% |
-34.8% |
|
Riverside/S. Bern. |
$401,460 |
-1.6% |
|
4.0% |
|
9.9% |
-45.9% |
|
Sacramento |
$365,000 |
-0.6% |
|
-3.9% |
|
-10.0% |
-24.5% |
|
San Diego |
$578,120 |
0.6% |
-6.3% |
-9.8% |
-20.2% |
||
|
San Francisco Bay |
$738,900 |
0.5% |
|
2.2% |
|
-10.9% |
-18.3% |
|
San Luis Obispo |
$532,900 |
-5.0% |
|
-11.9% |
|
17.2% |
-21.9% |
|
Sta. Barbara County |
$497,780 |
-40.4% |
|
-23.4% |
|
2.8% |
0.0% |
|
Sta. Barb. S. Coast |
$1,083,000 |
-2.9% |
|
-1.1% |
|
-38.5% |
-12.5% |
|
N. Sta. Barb. County |
$435,560 |
-1.6% |
|
-6.3% |
|
63.6% |
8.4% |
|
Santa Clara |
$775,000 |
0.0% |
|
4.0% |
|
-2.5% |
-20.2% |
|
Ventura |
$663,760 |
-1.1% |
|
-2.0% |
|
0.9% |
-16.3% |
na – not available
*Based on closed escrow sales of single‑family, detached homes only (no condos). Reported month‑to‑month changes in sales activity may overstate actual changes because of the small size of individual regional samples. Movements in sales prices should not be interpreted as measuring changes in the cost of a standard home. Prices are influenced by changes in cost and changes in the characteristics and size of homes actually sold.
sf = single‑family, detached home
Source: CALIFORNIA ASSOCIATION OF REALTORS® San Diego mls listings
[tags] real estate, housing, housing market, San Diego real estate, real estate bubble, California real estate, San Diego home values[/tags]