According to the San Diego Union Times, the price of San Diego real estate finally slowed down as it displayed a $9,250 decrease from the prior month.
This drop in the median price is the lowest price posted in the month-to- month since December 2012 to January 2013 – usually the slowest time of the year when it dropped to as high as $16,000.
However according to DataQuick’s report on Tuesday, the median value of San Diego real estate remains up 17.9 percent which is at now $412,750 as opposed to October’s 2012 numbers which registered a median of $350,000. The highest median price was recorded at $517,500 in November 2005.
The increase of transactions occurred for the first time since July in September to October. However 3,622 San Diego homes were sold which was a decrease from October 2012 falter 3.1 percent according to the Union Times.
A statement was released by the president of DataQuick, John Walsh, indicating that higher levels of investor purchases, low inventory and low mortgage rates forced the annual gains from the year previous to gains of 20 percent.
However, loan officer and real estate lecturer at San Diego State Mark Goldman to the Union-Tribune says that this 20 percent is unrealistic
“The buyers are cooling,” Goldman said to the Union Times. “There was very limited inventory and people were bidding up prices and realized they overshot the market of what the properties were worth.”
According to DataQuick, the median housing price this year was $422,000 which was 20.6 percent higher than September 2012. According to an October 29th report in the Standard & Poor’s Case-Shiller Home Price Index this was high enough for San Diego being the second least affordable city to live in.
The numbers posted on November 12th, were the first posted since the government shutdown for 16 days. As of November 12th, there were still 6,848 San Diego homes for sale according to the Union Times.