July 15, 2024

San Diego California home pricesMDA DataQuick real estate information service just reported that Southern California home sales were up 9.1% from a year ago, but the median home prices were down34% from a year ago.

The report showed San Diego median home price in August was $350,00, a 26.3% drop from a year ago. The only bright spot for the San Diego real estate market was a slight sales up-tick of just 1.4%.  A few of our prior posts on the San Diego real estate market were:

#1 Key To Purchasing Real Estate in the San Diego Market

Yale Professor … House Price Decline Could Be Worse than Great Depression

Cramer Calls the Bottom in Real Estate Market

Survey Says Home Values Must Fall Another 14%

California Home Sales Up 43.4% – Home Prices Down 40.3%

 San Diego home sales

8 thoughts on “Southern California Home Prices Drop 34% in August

  1. Pingback: www.buzzflash.net
  2. We’re only seeing the last of the 1 and first of the 3 year ARMs getting their bumps now. Remember that even though housing was slowing refinancings were very strong. Not only that but most people that played that game pulled equity out too which means they essentially lump themselves in with the last of the buyers. Even if you say the top was at the end of ’06, and it wasn’t, we still need to get through all of ’09 just to clear out the last of the 3 year ARMs. And the only way those people don’t get hit hard is if property values not just stabilize but actually rise a bit as lending standards are tighter and they will have to come up with some equity.

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  3. Thanks for this information. There have been a number of published studies or reports that there are expected to be more foreclosures in 2009 because of the high number of “exploding type” loans set to go off next year. Predicting exactly when this phase will slow down or come to an end is, therefore, very difficult. We have had a number of students advise they have loans which will “explode” in 2009 and 2010 (it hurts to see this, as most of these folks could have avoided these types of financing deals had they only bothered to learn something about real estate before diving into it without the knowledge they’d most likely have picked up in any good Real Estate Principles course.

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