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San Diego Home Prices Fall

Home sales in San Diego County increased by 0.3 percent in October, compared to the same month a year ago, while prices dipped by 5.8 percent, a real estate information service announced today.

A total of 2,759 homes changed hands locally last month, compared to 2,750 in October 2010, according to La Jolla-based MDA DataQuick. The median price of a home in San Diego County in October was $315,000, down from $334,500 in October 2010.

A total of 16,829 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in October, according to DataQuick. That was down 7.3 percent from 18,149 in September, but up 0.5 percent from 16,744 in October 2010.

"For a few months now, lower prices and amazingly low mortgage rates have kept resale activity slightly ahead of last year," DataQuick President John Walsh said. "Of course, that's not saying a lot when you consider sales were 25 to 30 percent below average. The market continues to struggle with a difficult lending environment, uncertainty among potential buyers, underwater homeowners who can't move up and a weak job market."

The median price for a Southern California home was $270,000 last month, down 3.6 percent from $280,000 in September and down 4.6 percent from $283,000 in October 2010, according to DataQuick.

Comments

Avatar for user 'dboquet'

dboquet | December 11, 2011 at 12:38 p.m. ― 2 years, 9 months ago

San Diego home pricing is neighborhood specific, meaning there will be some neighborhoods without price erosion and other that have. Typically if you are looking for a nice home, with upgrades, in a desirable location... don’t be “surpriced” (surprised about the price) if your realtor recommends a healthy offer on a nice property. Many of today’s home sellers and buyers are confused by the information glut online regarding real estate… and real estate pricing. Your best bet is to find a San Diego realtor who is currently and actively working in today’s market. They have access to the MLS data and sold data from public record, whether it’s a new home or old… short sale or foreclosure… ask your San Diego realtor to obtain sales records from their title rep and this will give you the best most accurate information versus a website that uses real estate to make money without local knowledge. Also, your San Diego realtor can help you interrupt the information on sold inventory and help formulate what a property is worth in today’s market. The condition of the property and supply and demand weigh heavy on San Diego real estate pricing. If a home is in model condition, in a desirable neighborhood, it will command a higher price… because we have enough demand from buyers looking for a good deal on quality in America’s finest city. For more information on pricing and inventory levels visit our website http://www.Search-SanDiegoRealEstate.com or Email us your questions SanDiegoRealEstateToday@Gmail.com

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