San Diego Home Prices Take A Huge Fall
San Diego home values
National Association of Realtors just reported San Diego County home prices dropped 29.6 percent in the first quarter of 2009 vs. the first quarter of 2008. The report showed the resale median price for San Diego single-family homes was $323,200 vs. $459,000 in the first quarter of last year.
According to the National Association of Realtors figures, San Diego is down 46.3 percent from 2006, compared with a national decline of 23.8 percent over the same period. One should keep in mind, that I and many other San Diego Realtors feel the top of our real estate market was the summer of 2005.
Some good news from this report was that real estate sales more than doubled in Nevada, rose 81 percent in California and grew 50 percent in Arizona. Increasing real estate sales may be the first sign that a bottom to falling real estate home values is in sight. downtown San Diego real estate
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I am surrounded by folks who think this is the time to buy. Just like I was 3 or 4 years ago. Based on home price fundamentals – I don’t see any possibility of a bottom for YEARS. Here, inventory is growing as foreclosures outpace sales.
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Obviously, the big homebuilders have a different perspective, but the bottom line is the same. Prices will continue to decline until unemployment stops growing.
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Homes will always be unaffordable to the average person in high priced CA as long as government subsidize home owners in the form of mortgage tax deductions, and Fannie Mae bailouts. Remove the interest tax deduction and watch the prices correct 50%. This place a bottom on home prices and increase home ownership than further government meddling. The issue is affordability, not unemployment. Prices are still too high due to government tax policies and bad lending practices.
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