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San Diego Slipping Faster than Nation

Zillow's August report shows San Diego home values dropping faster than the nation's — but local home values remain among the highest. The median price of San Diego area homes is $347,300, says Zillow. Only New York, Los Angeles, and San Francisco are higher among the top 25 markets. San Diego prices dropped 0.3% in August versus a 0.1% rise for the nation. San Diego prices are down 5.8% over the year versus minus 4.5% for the nation. San Diego home vales have declined 35.3% from their peak. Nationally, the figure is minus 28.3%. Foreclosure rate: 12.6 per 10,000 homes in San Diego, 9.2 nationally.

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Zillow's August report shows San Diego home values dropping faster than the nation's — but local home values remain among the highest. The median price of San Diego area homes is $347,300, says Zillow. Only New York, Los Angeles, and San Francisco are higher among the top 25 markets. San Diego prices dropped 0.3% in August versus a 0.1% rise for the nation. San Diego prices are down 5.8% over the year versus minus 4.5% for the nation. San Diego home vales have declined 35.3% from their peak. Nationally, the figure is minus 28.3%. Foreclosure rate: 12.6 per 10,000 homes in San Diego, 9.2 nationally.

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Comments
10

How should one figure what the SD price "should" be?

Were the prices at their peak more inflated than those with which they are compared?

How to properly parse the statistics?

Oct. 11, 2011

The question of what the SD home price should be is highly subjective. Best, Don Bauder

Oct. 11, 2011

A good place to start (and to stop) would be a measure of affordability. If the average working stiff cannot ever hope to be able to buy a home, the home prices are truly too high. But if a minimum wage worker, age 20, can afford to buy a home, prices might be deemed too low. Yep, subjective is what it all is.

Oct. 11, 2011

If the criterion is affordability, San Diego does very poorly -- now and, generally, over the decades. Best, Don Bauder

Oct. 11, 2011

'Scuse my persistence, but I am shocked, SHOCKED, I say, that there is no scientific answer to this question. Visduh, do you know if anyone has run the numbers on your theory? It sounds good enough for me.

Oct. 11, 2011

Various Associations of Realtors (local, state, and national trade groups) regularly publish affordability statistics, estimating the percentage of occupants of a given market could afford to buy a median-priced home.

Statewide, the most recent stats I'm finding from the California Association of Realtors puts the median home price at $294,230, affordable to 51% of Californians. I'll leave to individuals to judge the trustworthiness of these stats, as well as the extent to which they're applicable to any given market, as they include places like the Merced region, where the median home cost is $92,500.

Oct. 11, 2011

The association also publishes affordability figures for the various metro areas, including San Diego. Best, Don Bauder

Oct. 11, 2011

Several institutions publish metropolitan affordability numbers. One is the California Association of Realtors. Best, Don Bauder

Oct. 11, 2011

And Suzie Orman says the real estate market ain't-a-gonna rebound 'til 2023. 'Course, she ain't trying to sell depreciating houses to wary buyers, either. I don't know of a realtor out there telling buyers the bottom hasn't been reached yet. It's always "turning by the end of the year".

Oct. 13, 2011

If you ask a barber whether or not you need a haircut, what do you suppose he or she will say? Best, Don Bauder

Oct. 13, 2011

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