San Diego County homes sales and prices rise in May

The San Diego County housing market continued to recover in May as both prices and sales kept rising.  Jen Lebron Kuhney of The Daily Transcript reported general numbers, total residential sales came in at 2,987 units in May, a 14% increase from April and a 11% increase from May 2009. 

In an interview with Alan Gin, “Job improvement and increasing consumer confidence can be partially attributed to the bump, said Alan Gin, professor of economics at the University of San Diego’s Burnham-Moores Center for Real Estate.”  But Gin did state concern on what would happen to the market, post federal tax credit.

Roger Showley of the San Diego Union-Tribune gave more specific numbers.  The median price for single-family resales in May was $377,000, up 16 percent from May 2009.  The condo resale median price was $235,000, up 18.1 percent.  The median price for new homes stood at $399,000, down 16.2 percent, and the median for all homes sold in San Diego County in May was $340,000, a year-over-year increase of 15.3 percent.  There was a monthly increase from April of 4.5 percent.

Sales for all residential in San Diego County is May had an increase of 15.3% from May 2009.

Andrew LePage of MDA Dataquick had an encouraging quote, “Across the board, it looks like almost everything is off the bottom.  A lot of places are up a little from a year ago.”   LaPage noted one of the reason for the rise in prices was quality.  Foreclosures had a smaller market share from a year ago.  On top of that, some lenders were allowing some upgrades to foreclosed homes before they put them on the market.


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