San Diego Home Sales Rise – San Diego Home Prices Fall
San Diego California home prices
Today, DataQuick real estate information reporting services of La Jolla Ca. reported that San Diego home sales increased by 20% , while median San Diego home price dropped 15.1% in June 2009 vs June 2008. Also, this same report showed home sales in the six-county Southern California region in June increased 29% over June 2008. But, here too, for the region, home prices dipped 26.4 %.
John Walsh, MDA DataQuick president talking about their report, said: “The rising median should still be viewed mainly as a sign the market’s moving back toward a more normal distribution of sales across the home price spectrum. Sales in many higher- cost neighborhoods couldn’t have gotten much lower, so this recent uptick in activity should come as no surprise. The recession and problem mortgages are fueling more high-end distress, hence more high-end `bargains.’ What’s missing, still, is a wide-open financing spigot for the would-be buyers of these more expensive homes.”
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Housing is nowhere near bottom. It has at least 20% more to fall to become “reasonably” priced.
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Robert Shiller, he made his case 4 years ago for addressing housing prices, and warned that a dramatic fall in prices would lead to widespread systemic risk….read his wealth affect study….sucks to be right….
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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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