October 9, 2024
San Diego California home prices
San Diego California home prices

In yesterday’s San Diego Union Tribune the main story in the business section was titled “County and state home prices facing a ‘double dip’ They’re up from last year, but heading downward, Zillow and Realtors report“.  I give credit to the Union for reporting the facts, but to toot my own horn, here is part of what I said back in this blog on 5-1-10, in a post titled San Diego California Home Prices … Worst is Over : “I believe the government tax credits (which may be mostly speeding up sales that would have occurred normally) and the fact that a huge number of loans  were due to have their first adjustment this year, could cause a double dip in San Diego housing values.”

My point is that if you want a good indication about the current and future San Diego California home prices, you would be wise to get a free subscription to this blog.

Here are some facts from the most recent Seattle-based Zillow company report:

  • San Diego and four other California markets were the only ones nationally that posted price declines in the third quarter after five quarters of increase.
  • Zillow figures San Diego values are now 31.1 percent off their peak of $538,100 set in September 2005.
  • Zillow’s figures for San Diego in the third quarter showed an overall home value of $370,600, up 4.2 percent year over year but a 0.7 percent decline from the second to the third quarter and 0.3 percent decline from August to September.
  • Nationally, home values declined 4.3 percent year over year and 1.2 percent quarter over quarter. They have declined for 17 consecutive quarters and are down 25 percent their peak.
  • 23.2 percent of single-family homeowners nationally owe more than their homes are worth.

California short sales