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New housing numbers released by the California Association of Realtors for September sales show an increasing inventory and second straight month of price declines as investor appetite wanes and buyers find themselves priced out of the market by rising interest rates.

San Diego, however, bucked the statewide values trend, posting a 1.6 percent gain; the median home price in the county rose from $482,470 in August to $490,130 last month. While prices are up, according to the report, total sales volume is down significantly — the local market led most others in the state and all of Southern California with a 20.5 percent drop in transactions closed.

Slower sales are reportedly causing inventory to rise, with about 4.2 months’ worth of housing demand from San Diegans available on the market. That’s a significant jump from 3.4 months’ supply reported in August, but it’s comparable to numbers from a year ago and holds with historical patterns that show housing sales tend to dip in late summer and early fall. Inventory levels of less than 6 months’ demand are thought to be indicative of a market that will continue to appreciate.

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Comments

dwbat Oct. 19, 2013 @ 9:03 a.m.

An older (recently remodeled) small 2br/1ba bungalow w/1 car garage on a tiny lot in North Park is asking $492K. Crazy!

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John Kitchin Oct. 19, 2013 @ 8:52 p.m.

Fictional data about a fictional business, in reality. The Real Estate Mafia actually pays assessors to horrendously overvalue real estate, which helps banks conceal that they always lend out far more than their collateral is worth. You do need to see, for example, http://www.sandiegoreader.com/weblogs..., but most of all we all need to realize that the very mobsters who operate the Banking-Real Estate-Lending-Construction industry are the ones supplying the data. In other words, always do your homework by looking at the source. Prof. John Kitchin

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John Kitchin Oct. 19, 2013 @ 8:55 p.m.

Quoted article has the same author. Real estate in most of the country is valued at about 20 times its actual value. California 30 times, and San Diego 40 or 50 times. Yet, if you want it, you DO need to pay that.

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