Friday, August 11, 2006
Recent reports from real estate tracking firms show home sales slowing in Southern California. In San Diego County, the real estate bubble might have gone flat. KPBS Reporter Ed Joyce has more.
One tracking firm says less than 10 percent of San Diego families can afford homes in the county. Another tracking firm put the median price of a home in the county at nearly $490,000.
Chuck Smiar is President of the North San Diego County Association of Realtors. He says the real estate market is in a cooling off period.
Smiar: "It really takes us back to what is a normal, logical market. I'm very optimistic about what is going to happen. Basically, there is no- the bubble to me is that it went flat and just stopped where it was. It had to and that is our correction period right now."
Smiar expects home prices to rise slowly over the next several months. He also says a condo glut could lead to lower prices, especially in downtown San Diego. Ed Joyce, KPBS News.