San Diego County Home Prices Drop by 4.7 Percent

Home sales in San Diego County increased by 0.5 percent in September, compared to the same month a year ago, while prices dipped by 4.7 percent, a real estate information service announced today.

A total of 3,084 homes changed hands locally last month, compared to 3,069 in September 2010, according to La Jolla-based MDA DataQuick. The median price of a home in San Diego County in September was $315,000, down from $330,500 in September 2010.

A total of 18,149 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in September, according to DataQuick. That was down 7.7 percent from 19,654 in August, but up 0.3 percent from 18,091 in September 2010.

"Last month's Southland sales weren't great but, like some other economic indicators of late, they came in a bit higher than some might have expected," DataQuick President John Walsh said. "Holding steady with a year ago isn't so bad when you consider the hits the housing market has taken in recent months, including a big psychological blow from a tanking stock market in early August.

"Part of what's keeping demand afloat is improved affordability thanks to ultra-low mortgage rates and lower home prices," he said. "We'll have to wait and see what impact the lower conforming loan limits, which took effect recently, will have in some of the higher-priced markets."

The median price for a Southern California home was $280,000 last month, up 0.4 percent from $279,000 in August but down 5.2 percent from $295,500 in September 2010, according to DataQuick.

-City News Service