San Diego Home Prices and Number of Sales on the Rise
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Published: Monday, May 25, 2009
Homes sale numbers and median home prices were both up during the month of May, indicating the market may be rebounding from record numbers of foreclosures. According to market analyst MDA DataQuick there were 39,000 homes sold in California in May, up 2.9% from April and up significantly (18.9%) from May, 2008. Another indicator the market is turning, the median home price also rose, up 4.1% to a statewide average of $230,000. Experts credit the slight increase in home prices to the increased sales of more expensive homes.
Most of the homes sold in May (51.1%) represent homes that had previously been foreclosed on. This is up from 39% in May of last year, considered by experts to be the start the current foreclosures crisis. Fewer homes entered foreclosure in May as well, suggesting that the record numbers of foreclosures may be easing.
Higher End San Diego Foreclosures Also Sold
Following the statewide lead in higher priced homes beginning to move, several San Diego foreclosures in premier neighborhoods also sold in May. La Jolla saw 17 homes sell at a median home price of $1.35 million, Carlsbad had over 50 homes sell with a median price of $850,000 and Carmel Valley saw 24 homes sell at a median price of $885,000.
Despite the uptick in median home prices, these prestige neighborhoods remain well below last year's high and several San Diego County foreclosures can be found in just about every community. These San Diego County bank owned homes are keeping home prices affordable and buyers can find San Diego County bank owned bargains in Oceanside starting at $225,000, El Cajon foreclosures listed as low as $260,000 and convenient downtown, City Heights foreclosures well under $170,000.
Home Sales Drive Prices Upward
Buyers looking for investment or foreclosures bargains should act quickly before prices climb higher. With fewer homes on the market prices will continue to rise and with fewer foreclosures entering the market, buyers will be faced with shrinking inventory and increased sellers' demands.
Whether you are looking for a downtown condo or coastal Oceanside bank homes, contact Richard Elias today at 1-800-474-1919. He understands the San Diego County foreclosures market best and can help you find the San Diego bank home that is right for you.
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About this Page: Home sales and median home prices were both up in May, indicating the market is beginning to rebound from record numbers of foreclosures. There are still plenty of San Diego foreclosures available, however and Richard Elias explains what the rise in home prices means to foreclosures buyers.
San Diego Home Prices and Number of Sales on the Rise
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