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San Diego Home Prices Are Down… Again

Dataquick today said that the median home price last month in Southern California was down 8.2 percent compared to May of 2010. The price drop in San Diego County was only about half of that. But San Diego led all other So-Cal counties in its falling number of home sales.

Home sales in San Diego last month totaled 3,087, down more than 20 percent from May of last year.

The new home market has been especially slow. Only 1,152 new homes sold across Southern California in May. Dataquick said that represents the fewest home sales for the month of May since at least 1988.

The sluggish market is blamed on anxious consumers, tight credit and a stubbornly high rate of unemployment. Most home-market experts point out that last year’s sale numbers were inflated, due to federal homebuyer tax credits that have since expired.

Financially distressed homes continue to weigh down the market. Dataquick said the resale of foreclosed homes made up a third of the Southern California market last month. Short sales comprised 18 percent. In a short sale, lenders agree to take a loss on the property.

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