by: Roberta Murphy
San Diego real estate news isn’t all that bad.
Sales of single family resale homes rose for the fifth month in a row, gaining around 40 percent in November, 2008 compared to the same month last year. And compared to 2007, San Diego area home sales for 2008 are up 8.2 percent.
But metro San Diego median home prices tell another story.
While sales may be rising, prices are dropping and that’s due to the plethora of short sales, foreclosures and desperation deals. Overall, median home prices in San Diego were off 6.8 percent in October–and off a full 35.6 percent year-over-year . Average prices are equally interesting: Off 13.4 percent month-over-month, and off 40.7 percent compared to November, 2007– according to Rick Campbell and rereport.com
A fair and reasonable conclusion?
Sales are rising because real estate prices are dropping. This in turn attracts first time home buyers, investors and those buyers who have been waiting in the wings for opportunities like these.
Please understand these are global numbers for all of San Diego and not taken into account are the myriad micro markets–where local statistics may vary greatly from those presented here.
If you are interested in detailed statistics for a particular zip code in San Diego County, just email roberta (at) SanDiegoPreviews.com or call 760-402-9101 and we’ll send them to you.