Tag Archives: San Diego County Home Sales

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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The lowdown on housing prices, they’re UP (mostly)

I’ll do my best to not give you information overload on housing prices for February.  Both last week and this week there was a slew of information that came out on prices.

Roger Showley of the San Diego Union-Tribune and Daniel Taub of Bloomberg News both reported that median prices in almost every county in Southern California were up.  Showley said San Diego County led the way with a year-over-year increase from $285,000 in Feb. ’09 to $322,000 in Feb. ’10, a 13% increase.  San Bernardino County had the only decline in its median price.  Prices there declined by 2%.  The median price for the region stood at $275,000, a 10% increase.

Year-over-year sales were less stellar.  Sales were down in San Diego, San Bernardino and Riverside Counties.  San Diego County was down by 0.3%.  For the six county region, sales were up 0.8%.

On the state level, the Daily Transcript reported this week on the monthly report released by the California Association of Realtors. Sales in CA decreased by 11.7% compared with Feb. of ’09, but the median price rose by 14.1 percent from Feb. ’09 to Feb. ’10.  To access the entire report, click here.

On the national level, Shobhana Chandra of Bloomberg News said home sales fell for a third month in a row, while inventory climbed.  Purchases dropped by 0.6%.  The median price for resales decreased by 1.8%, from $168,000 to $165,100.

Whew!  That’s a lot information to process!