San Diego Home Prices Continue Rebound!

San Diego County home prices continued their climb last month from the low points of the recession, reaching a median $320,000, MDA DataQuick reported Monday.
That represented a $5,750 increase from June, or 1.2 percent, but left the median still 12.1 percent below year-ago levels.

The median has risen $40,000, or 14.3 percent, from the $280,000 low set in January. However, it is far below the all-time figure of $517,500 set in November 2005.

Two factors may be at work in the rising price trend, the DataQuick figures suggest. One is the relative decline in low-priced foreclosures being resold to new buyers – 37.4 percent of resale transactions in July, compared with 38.6 percent in June and a peak of 55 percent in January.
The other factor is an apparent shift in market mix, in which more higher-priced homes are selling relative to lower-priced properties, thus pulling up the overall median.

A glance at the sales in selected ZIP codes indicates some increases in activity in pricier markets and a flattening or decline in activity in some lower cost areas.

Overall sales totaled 3,532 transactions in July, a 3.2 percent increase from June, a typical seasonal boost, but more importantly, an 11 percent year-over-year increase.

It was the 12th consecutive year-over-year sales increase – further evidence that buyers are venturing back into the market. Sales had previously dropped for 48 straight months on a year-over-year basis.

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