San Diego Home Prices -San Diego Home Sales Drop
San Diego home prices and San Diego home sales both slipped in July. This was the conclusion from the latest report released by Dataquick, a real estate tracking company.
San Diego County home sales dropped 0.9 percent in July, compared to a year ago, while prices fell by 3.8 percent.
One should keep in mind that if this latest report is comparing home prices and home sales to a year ago, the San Diego real estate market at that time was also extremely weak. So, to have a drop from the July 2010 levels, is ominous in and of itself.
What’s being overlooked here, is the fact that this drop in both sales and home prices is occurring during this seasonally strongest time for real estate sales!
San Diego County Housing Market Outlook
San Diego County Residential Real Estate Market Analysis: 2nd Quarter 2011
By Mark A. Melikian California Certified Residential Appraiser appraisals@san.rr.com P.O. Box 3051 Del Mar, California 92014 858-793-9339
This part 2 of 3
Market Overview: The mean sold price for a housing unit in San Diego County peaked in 2007 at $621,675. The mean sold price in 2009 decreased to a low of $399,200, a 35.8 percent decrease from the market peak in 2007. *In 2011, the projected mean sold price is $413,794, which would represent a 3.7 percent increase from the 2009 mean sold price and a 33.4 percent decrease from the market peak in 2007 (see figure 3).
San Diego Home Prices
San Diego real estate double dip
The just released Case-Shiller home-price index showed that home prices fell in 18 of 20 cities in March. The only two cities to show slight increases were Washington, D.C., and Seattle.
The Case-Shiller home-price index is now below its April 2009 mark. What this is saying is that home prices have given back all gains they showed from May 2009 through June 2010. This confirms that the U.S. housing market is in a double-dip downturn. Read more 
San Diego Home Prices Increase
San Diego home prices
Today, the S&P/Case Shiller Home Price Index was released for January (index is calculated every month and has a two-month lag). The 20-area index real estate home sale prices report showed declines in 18 of the major metro areas, with just San Diego and Washington, D.C. showing home prices increases.
San Diego County Home Prices and Home Sales Drop
The median price of a home in San Diego County in February fell 4.3 percent according to a report issued byLa Jolla-based MDA DataQuick. DataQuick also reported that Home sales in San Diego County dropped 5.5 percent in February, compared to the same month a year ago.
DataQuick President John Walsh said about this report: “This spring we’ll see an infusion into the market of more traditional buyers, who aren’t necessarily purchasing with an investor mindset. If the stars line up right — low prices, low mortgage rates, available credit, higher job growth and higher consumer confidence — we could see sales shoot back up to more normal levels.”
Downtown San Diego condominiums
San Diego Home Prices Up – Home Sale Down
San Diego home prices
The real estate reporting firm MDA DataQuick, reported today that the San Diego median home prices rose slightly by $500 from October to November to $335,000.
Single-family resale homes rose $1,000, from October to $370,000, which was 1.4 percent above year-ago levels. Resale condos also rose, though the $218,000 November median was down 3.1 percent from November’s $225,000.
That was the good news. The bad news reported in the MDA Dataquick report was that San Diego home sales were down for the fifth straight month in a row! The actual drop was 6.7 percent on a year-over-year basis. This continued drop in San Diego real estate sales is very troubling and for me, and a much more important fact than the modest price appreciation. If this trend continues, it’s just a matter of another month or so before the San Diego median home values also turn down.
San Diego County Home Prices
San Diego home prices
San Diego County home prices fell in September for the second month after 15 consecutive monthly increases, according to Standard & Poor’s Case-Shiller Home Price Index report.
The resale home value of a typical house fell 1 percent in September from August. The value had dropped 0.6 percent in August from July.
However, September’s home price was still 5 percent above that of a year ago, according to the index, which reports home prices for 20 cities and the nation as a whole.
San Diego County houses priced under $314,451 slipped 0.9 percent from August; houses priced from $314,451 to $474,176 dropped 2 percent in value; while those priced above $474,176 rose 0.5 percent in value.
The national quarterly index, which measures home prices in the nine U.S. census regions, dropped 2 percent in the third quarter from the previous quarter.
“While housing prices are still above their spring 2009 lows, the end of the tax incentives and still active foreclosures appear to be weighing down the market,” the monthly report stated.
San Diego Home Sales Take Huge Fall
San Diego home sale
The median price of a home in San Diego County increased 2.9 percent in October according to La Jolla-based MDA DataQuick. The same report showed home sales in San Diego County fell 25.1 percent in October, compared to the same month in 2009.
San Diego’s Home Prices Projected to Fall Further
San Diego California home prices
A report by Fiserv, which provides the data for the widely watched Standard & Poor’s/Case-Shiller Home Price Index, said San Diego prices rose now face a double-dip. They are projecting a 8.5 percent fall through 2011.
“Some of the largest declines in prices will occur in markets that had strong spring and summer 2010 price increases,” said David Stiff, Fiserv chief economist. “This is because the homebuyer tax credit delayed the correction in home prices that is necessary to return housing affordability to pre-bubble levels.”
San Diego home short sales
San Diego Home Prices
San Diego California home prices
In yesterday’s San Diego Union Tribune the main story in the business section was titled “County and state home prices facing a ‘double dip’ They’re up from last year, but heading downward, Zillow and Realtors report“. I give credit to the Union for reporting the facts, but to toot my own horn, here is part of what I said back in this blog on 5-1-10, in a post titled San Diego California Home Prices … Worst is Over : “I believe the government tax credits (which may be mostly speeding up sales that would have occurred normally) and the fact that a huge number of loans were due to have their first adjustment this year, could cause a double dip in San Diego housing values.”
My point is that if you want a good indication about the current and future San Diego California home prices, you would be wise to get a free subscription to this blog.
Here are some facts from the most recent Seattle-based Zillow company report:
- San Diego and four other California markets were the only ones nationally that posted price declines in the third quarter after five quarters of increase.
- Zillow figures San Diego values are now 31.1 percent off their peak of $538,100 set in September 2005.
- Zillow’s figures for San Diego in the third quarter showed an overall home value of $370,600, up 4.2 percent year over year but a 0.7 percent decline from the second to the third quarter and 0.3 percent decline from August to September.
- Nationally, home values declined 4.3 percent year over year and 1.2 percent quarter over quarter. They have declined for 17 consecutive quarters and are down 25 percent their peak.
- 23.2 percent of single-family homeowners nationally owe more than their homes are worth.