San Diego Real Estate

Today, the National Association of Realtors released a report that showed U.S. sales of previously occupied homes rose 2.1 percent to a seasonally adjusted annual rate of 4.79 million, up from 4.69 million in September.

The October 2012 home sales pace is roughly 11 percent higher than a year ago. But that is still below the more than 5.5 million that economists consider a healthy housing market.

For San Diego real estate, home prices have been rising steadily, though I believe they are still off about 25% on average from their highs set in the summer of 2005.

San Diego Home Prices

In San Diego we saw an increase in the median price of homes for October in all counties. The biggest jump in price from last year was in North County Inland; the highest-priced homes sold remain in North County Coastal.

North County Coastal: 640 homes sold for a median price of $486,000 – a 13% increase
North County Inland: 925 homes sold for a median price of $370,000 – a 18.8% increase
Central San Diego: 1,088 homes sold for a median price of $352,000 – a 15% increase
South County: 494 homes sold for a median price of $320,000 – a 8.7% increase
East County: 470 homes sold for a median price of $293,000 – a 7.7% increase

While every county’s median price was higher this year than lasts, there were a handful of San Diego cities that decreased in value. For example:

Rancho Santa Fe decreased -23.7%
Alpine decreased -13.6%
La Jolla decreased -11.7%
Mission Valley decreased -8.0%
Oceanside decreased -7.0%
Scripps Ranch decreased -6.4%

It’s still a relatively fragile real estate market recovery, so let’s hope that things stay on and improving course as we approach year-end

San Diego Real Estate