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San Diego’s Median Home Price Drops $100,000 in One Year

San Diego County's median home price has dropped nearly $100,000 in one year. A new report from DataQuick Information Systems says home sales have also dropped sharply. KPBS reporter Andrew Phelps has details.

The median home price was $395,000 in March 2008. In March 2007: $490,000.

DataQuick's John Karevoll says prices have not been this low since 2003. Home sales are up since February but way down compared to a year ago.
Karevoll: The numbers were a record low of sales, sales were largely concentrated in distressed categories. The year over year decline in sales count for San Diego was 34.5 percent.
Distressed homes include those in default or foreclosure.

Karevoll says home prices are holding up better in San Diego's older, established coastal communities. Sales and prices are falling faster in newer, inland communities.

Andrew Phelps, KPBS News.

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