San Diego Home Sales Up … San Diego Home Median Price Drops
CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported home sales increased 56.7 percent in August in California compared with the same period a year ago, while the median price of an existing home fell 40.5 percent.
For San Diego real estate, C.A.R. reported that the August median home price was $375,090, off 2% from July.For the year-to-date one year period the San Diego median home price was down 37%. The good news was that San Diego existing home sales for the year-to-date period was up 60.5%.
The San Diego August 2007 median home price was $595,070. This was $219,980 less than today's median home price.
“There has been no meaningful change in the level of activity since late last fall,” said Ian Shepherdson of High Frequency Economics. “The NAR estimates that 35 to 40% of all sales are of distressed property, so underlying private activity is weaker than the headlines, and there is little sign of imminent improvement.”
I believe this huge jump in San Diego existing home sales shows that WITHOUT GOVERNMENT INTERVENTION, when home prices in an open market look attractive, sales will increase! San Diego home sales
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Everyone likes to talk about the foreclosures as if it’s a bad thing when the reality is that it’s an incredibly good thing. All the bad loans inflated the market well beyond what it should have been. As these people default on their bad loans the price of housing corrects, as it should, and maybe the rest of us get to buy. This story is good news and it should be reported as such. Or, would we all be better off if the government steps in and inflates pricing again.
SD tourism
Buying a home is a long term deal. I bought 10 years ago, value has doubled (a couple of years ago I could say tripled), and in 5 years house will be paid off. No more mortgage! Try that with a rental! Yeah… commute sucks.
Diet Specialist
This is the result of cooking the books to give home loans to people who otherwise couldn’t even get a car loan. The lenders and the borrowers are equally to blame. They created the bubble that burst- and who are the true victims?– those of us who could actually qualify for the loan and are still making house payments and homes that are rapidly depreciated due to the crooks and liars who cooked the books.
California Real Estate
A house is WORTH what you can sell it for. Since it is virtually impossible to sell a house today, it’s WORTH is obviously less that the asking price.
San Diego Dentist
“They’re not making any more land”, “It’s different in (insert your city)”, “everyone wants to live here”, “buy now or be priced out forever”…etc. These are all the lines that the sheeple have bought into from the real estate industry and all their “experts”. Bottom, line: this is the tip of the iceberg. People seem to forget history, and how it has a way of repeating itself. This is not a 1 year “slump”, this is an end to a cycle of people’s pie-in-the-sky attitude about real estate. I cannot wait to buy a house in 3-5 years, when prices are REALLY good. If you buy now, you’re overpaying. Think about it: is 20% off an item that is marked up 400% a good deal?
SF Lawyers