Scott Marks 2:48 p.m., May 23
Housing Values (Mostly) Continue to Slide
Data provided by the California Association of Realtors show that resale activity dropped 5.8% between April and May of this year and now lags 14.4% behind 2010’s pace, a drop that could largely be attributed to federal homebuyer incentives in place during the same period last year.
The state’s median home price was $291,760, down 0.7% from last month and 10.9% from $327,460 in May 2010. Locally, DataQuick info paints a somewhat brighter picture for San Diego County, reporting a year-over-year drop of only 4.4% (from $340,000 to $325,000).
More localized markets varied, however, with the average of 137 El Cajon sales coming in at $252,000, off over 18% from last year. Nineteen sales in Rancho Santa Fe averaged $2,100,000, up almost 42% from last year’s $1,480,000 average.