Home sales in San Diego County rose sharply in November but prices continued to fall, based on Tuesday's report from real estate tracker DataQuick.
The scenario of increased sales but slumping prices was evident in most of the counties in Southern California, DataQuick analysis shows.
In San Diego County, the median price of all homes sold in November was $315,000, marking no change when comparing to October and September. However, values dropped 6 percent from Nov. 2010, when the median was $335,000. All of the sectors, including resale residences, condos and new homes, experienced value drops but the steepest was in the new-home market, falling almost 13 percent in November from a year ago.
Total sales also flattened between October and November, falling slightly from 2,759 to 2,754, or 0.2 percent. However, when comparing sales on a year-ago basis, they rose 7.3 percent - the most significant year-over-year increase so far this year. Sales increased the most year-over-year in the resale home market, rising 14.1 percent.
" 'Tis still the season to go bargain hunting – or at least that’s what the November home sales data suggest," said DataQuick President John Walsh in a statement. "The portion of homes sold to investors continued to hover near an all-time high. Lower prices and amazingly low mortgage rates tempted those with the confidence to buy and the ability to qualify for a loan, or to pay cash."
He added: "But these sales levels remain subpar, with new-home sales stuck at record lows. Part of it is the economy and would-be buyers’ uncertainty – about jobs, home prices and a potential surge in foreclosed properties hitting the market. Part of it’s the folks who can’t move up because they’re upside down with their mortgages. And many who want to buy more expensive homes struggle with the financing."
By-market analysis
RESALE HOMES: The median price last month was $345,000, the same as October but down almost 7 percent from the same time last year. Month-to-month sales flattened, which is not atypical for slow winter months, but sales increased more than 14 percent from a year ago. The resale home market typically makes up the bulk of monthly transactions.
RESALE CONDO: November's median value was $205,000, 1.7 percent lower than October and 6 percent lower than November 2010. The county recorded 795 sales in November, down 1 percent from October but up 3 percent from a year ago.
NEW HOMES: This sector took the biggest hit in sales and price. November's median price was $459,500, 5 percent higher than October but 12.8 percent lower than a year ago. Sales figures remained stable month-to-month but fell nearly 20 percent from the same time last year. This subsector routinely makes up the smallest slice of total county transactions.
Compared to other counties
San Diego saw the biggest percentage increase in overall sales when compared to the five other major counties in the region, including Los Angeles, Orange, Riverside, San Bernardino and Ventura. Price drops happened in all counties except San Bernardino (2.3 percent increase) and Riverside (no change.)
courtesy of: http://www.signonsandiego.com, Lily Leung
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