San Diego home Prices
Trends in home prices in
San Diego County and Southern California.
August 2009
Home prices are going up again!
Let's have a look at the home prices in Kensington and San Diego County.
March 2009
The Bottom!!!?
We are almost at the bottom. Based on huge correction upto 60% over the last few years (mainly in the "worst" areas), the home prices and condo prices have come down close to the level of renting a home and to higher affordability. (in 2006 less than 10% of San Diego residents could afford a median priced home).
The huge increases in home sales is a sign that the bottom is nearby, homes are sold even to rent out (which did not make any sense 3 years agao when prices for a mortgage were 2 x times the rent after the tax break).
March 2009
Southern California home prices down 39%!
San Diego has a 31% decline: median to $285,000.
Source: LA Times, March 17, 2009:
Southern California median home price falls to $250,000
February prices were down 39% from the same month a year prior. Low prices boost homes sales 41%.
Foreclosed homes comprised 56% of properties sold!
Trulia shows trends in median home prices in San Diego: Areas like Kensington beat the trends:
| |
march 09 |
1 year ago |
5 years ago |
| San Diego |
$270,000 |
$365,000 |
$403,500 |
| |
-26.0% |
|
|
| Kensington |
$645,000 |
$665,000 |
$655,500 |
| |
-3.0% |
|
|
| Normal Heights |
$159,530 |
$300,000 |
$306,000 |
| |
-46.8% |
|
|
San Diego Home Prices August 2009
Elements which effect the Home Price :
Interest Rates
August 2009
| |
Loan/ Value home |
|
Rate |
APR |
| ING 5/1 Orange Mortgage - no points |
75% or less |
< $500K |
4.500% |
4.098% |
| |
|
> 500K |
5.000% |
4.284% |
| Wellsfargo 5-Year ARM - 1 point |
75% or less |
< 697.500 |
4.50% |
4.071% |
| |
|
> 697.500 |
5.250% |
4.353% |
Rates are based on Excellent Credit Score
Economy
Jobless Rate:
- San Diego County Jobless Rate was 10.1% in June 2009
- San Diego County Jobless Rate was 5.4% in June 2008
Read more about Emp[loyement Statistics at:
http://www.sandiegoatwork.com
Government
ax Credit up to $8000 (10% of purchase price) for first time home buyers
This tax credit might expire later in 2009.