July 14, 2024

For June ’06, the median home price in San Diego fell for the first time in nearly a decade and sales tumbled in Los Angeles County, according to just released real estate figures.

The median price of all homes sold in San Diego last month fell 1% from the same month last year to $488,000, according to DataQuick Information Systems.

The importance of this, is that the traditionally strongest real estate marketing time is from May through August. For a price drop to occur now,
can only be a harbinger of a much more pronounced drop as we enter into Fall/Winter.
 
I’m not selling my San Diego home, but have sold all my investment properties.

If one considers the BILLIONS in adjustable loans due for their first adjustment in 2007/8 combined with the huge percentage of 100%loans used to purchase at the height of our market….you have to worry!
 
But, than again what is so bad about a 20-30% decline in values if we are coming off 100% increase over the last five years?

I’ll answer my own question….nothing so bad as long as you were not speculating, purchased beyond your means or refinanced you property at 90% or more of its high value.
Newer real estate sites: La Jolla real estateDel Mar real estatePoway real estateSacramento real estateSan Francisco real estateOrange County real estateSan Jose real estateLos Angeles real estate

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