09/06/2007 source: Mercury News
Standard & Poor's Case-Shiller national home price index reported that prices in the second quarter fell 3.2 percent compared with the second quarter of 2006.
Declines in property values in some metropolitan areas were much more severe - down 11 percent in Detroit, 7.7 percent in Tampa, 7.3 percent in San Diego, 7 percent in Washington, D.C., 4 percent in San Francisco and 3.7 percent in Boston.
San Diego County Resale House Prices
01/062006 SAN DIEGO –
San Diego County resale house prices tumbled last month by the biggest number in 18 years of record-keeping and contributed to the smallest year-to-year rise in overall prices in six years,
DataQuick Information Systems reported Monday. The median resale price for existing single-family homes dropped $15,000 from November to December to stand at $550,000, the largest month-to-month decline since DataQuick began keeping records in 1988.
The overall median last year of nearly $500,000 represented a more than doubling of San Diego County's home prices since 2000, when the average property sold for $234,000.
The median resale price for existing single-family homes dropped $15,000 from November to December to stand at $550,000, the largest month-to-month decline since DataQuick began keeping records in 1988.
Fireworks in Downtown San Diego
Source: California Association of Realtors
In May 2007, a median house in San Diego cost $612,000.
Housing Affordability
Growth of real estate prices in San Diego County has not been accompanied by comparable growth of household incomes: housing affordability index (percentage of households that can afford to buy a median-priced house) has been below below 20% since 2003.
Negative Migration
The monthly mortgage cost for a median priced home has been an issue for a large group of San Diegans. This has lead that San Diego has been experiencing negative net migration since 2004.