Sales up, Prices down in San Diego County

 

In February, the housing prices have decreased since the January to February month over month, however the number of sales for San Diego County real estate has increased according to a study put together by the San Diego Association of Realtors.

Last month, the median price of a single family home in San Diego County was tallied at $470,000 – which is down one percent from the January numbers according to KFMB CBS 8 in San Diego. As much as 1,300 were taken off the market in February, which is up 8.4 percent from the month prior.

On the other hand, the median price in February for attached residences was at $299,900, which is a 1.7 percent downtick from January. Attached residencies were at a 5.6 percent increase from January to February, but the sales were at 721.

Comparing the year over year: February 2013-2014, the number of sales were down by 11.5 percent, while the median price for a home in San Diego was up at 14.6 percent. With the condo and townhouse outlook, it was 20 percent higher than the number posted last year. The amount sold however, was a 5.4 percent decline

“As we would expect to see following a seasonally-slow January, home sales started picking up in February,” said San Diego Association of Realtors President Leslie Kilpatrick to CBS 8.

“I’m hoping and anticipating we will see ‘For Sale’ signs blossom as we head into spring.

Over the past few months, the median price of homes and condos have continued to stay somewhat stable according to the data put together by the San Diego Association of Realtors.

The amount of real estate for single families that has changed hands has continued to decline from a current high of more than 2,400 sales last May.

One trend to keep an eye on is the rising mortgages as well. According to an article on msn.com – that if the mortgage interest rates go up to five percent, it could raise housing cost from 35.6 percent to 38.9 percent. That could make us see a lot more foreclosures and defaults in the future.

By Linda Moore

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