Friday, March 23, 2007
The California Association of Realtors reports that the median price of an existing single family home in San Diego was up two percent last month, and sales were up nearly five percent.
Association Vice President Leslie Appleton Young says even with the February increases, home prices in the region were down 2.5 percent from last year. But she also says, it looks like the market is near its bottom.
Young : Last year sales were down about 23.6 percent statewide -- and San Diego sales were down 21 percent from 2005. We think sales are going to be little bit lower in 2007 compared to 2006 -- so the worst is over.
Appleton says if you're looking to buy a home you'll own for ten years -- this is a good time to buy a house. But, if you're hoping to buy a home -- and sell it for a profit in three to six months -- this definitely would not be a good time.