San Diego County housing prices rose 13.7 percent over the last year to $358,000 as sales soared to their best November in seven years ....
It was the highest overall price since July 2008 as the market was skidding down and close to the $357,000 posted in March 2003 as prices were rocketing up.
Details by home type included:
- Single-family resale homes, representing two-thirds of activity, reached a median $390,000, the highest since July 2008 and up 21.2 percent from a year ago.
- Resale condos were at $253,250, a 3.8 percent jump from October and 23.5 percent increase from November last year.
- Newly built houses and condos registered a median $460,000, up 2.2 percent from October and only $500 higher than a year ago.
Sales for November totaled 3,371, down 6.9 percent from October, a typical seasonal dropoff. But that was 22.4 percent higher than a year ago and the highest for any November since the local market peaked in November 2005. At that time, there were 4,232 sales and prices stood at an all-time median high of $517,500.
In brief, overall prices were 30.8 percent off the November 2005 peak but have risen 27.9 percent since the January 2009 low of $280,000.
For 19 southwestern Riverside County neighborhoods near the San Diego County line, the overall median stood at $243,000, up 3.6 percent from October and 10.5 percent from November 2011. The sales count was 1,139, up 12.7 percent from year-ago levels.
DataQuick attributed the increases in prices and sales to a greater demand for higher-priced homes and reduction in low-cost foreclosure properties.
"Investor activity and cash purchases remain unusually high," said DataQuick President John Walsh in a statement, "and more buyers feel confident about their jobs, the economy and the likelihood housing prices have bottomed and are likely to rise. We're also seeing non-distressed sales, where people sell at a profit and buy another house, triggering more move-up activity."
San Diego State University economist Michael Lea said the decline of distressed property as a market factor bodes well for other housing to be bought and sold.
"All signals are pretty favorable for next year to continue the recent pace," Lea said.
The San Diego Association of Realtors pinpointed one of the factors in the market upswing -- falling inventory of homes for sale.
As of Dec. 5, there were 4,636 homes for sale on the local multiple listing service. That was down 50.2 percent from December 2011's active listing total of 9,303. The current low inventory level is comparable to the go-go days of spring 2004.
courtesy of: http://www.utsandiego.com/news
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