San diego prices hit rock bottom
Prices tumbled 13.1 percent from those in December 2006, the biggest drop in 20 years of record keeping, DataQuick Information Systems reported Monday.
The overall median price for all homes stood at $430,000 in December, $10,000 less than the price in November and $65,000 less than it was in December 2006. The latest price represented a 16.9 percent drop from the county's all-time peak of $517,500 in November 2005 and the lowest since March 2004.
Resale houses and condos were down on a monthly and year-over-year basis, while the median price of newly built homes and new condo conversions was up $1,000 from November but down from December 2006.
Turbulent market
Resale houses, representing 43.5 percent of all transactions in December, turned in a median price of $470,000, down $30,000 from November and $70,000 from December 2006. That was the second biggest month-over-month decline and a record year-over-year drop.
DataQuick analyst John Karevoll said: “It is difficult to predict what looms in the year ahead because the current, turbulent market is breeding uncertainty among buyers and sellers.
“We can't say home values have declined 13.1 percent,†Karevoll said. “The numbers are probably more reflective of the types of homes that are selling and the types of loans available for those buying. There's an awful lot of people buying homes who need jumbo financing and are waiting it out.â€