The median price of a home in San Diego County increased 2.9 percent in October according to La Jolla-based MDA DataQuick. The same report showed home sales in San Diego County fell 25.1 percent in October, compared to the same month in 2009.
This is very disturbing news. In the Summer of 2005, San Diego home prices were still increasing, but home sales were decreasing. In real estate, when such a divergence appears, it’s always a signal of falling home prices. San Diego home sales figures are the driving force in the direction of home prices.
The evidence presented in this and other recent San Diego real estate reports seem to indicate that we have already entered into a ‘double-dip’ in San Diego home values. You won’t see this announced in the news yet, but in a few months it will be front page news.
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