HomeDex™ Key Points
a. Detached homes in North County increased 4.53 percent, from May 2009 to June 2009, from $397,000 to $415,000.
i. Detached home prices OUTSIDE North County increased 3.73% from May 2009 to
June 2009, from $315,000 to $326,750.
ii. June 2009 median single-family detached homes in North San Diego County fell 15.31%, from $490,000 in June 2008. The median price OUTSIDE North County for single-family homes fell 15.13% from the $385,000 a year ago.
iii. The countywide median price of homes sold increased from $345,750 in May 2009 to $360,000 in June 2009 and was down 13.88% from the June 2008 number.
b. Attached home prices in North County increased during June 2009 by 18.06%, from $216,000 a month earlier to $255,000.
i. Non-North County attached home prices decreased 3.72% in June 2009; from $198,000 to $191,500.
ii. North County attached homes decreased 4.14% from $266,000 a year ago.
c. Median days-on-market for single-family detached homes in North County remained at 45 days in June 2009. The number of North County single-family homes sold decreased 1.8% last month, from 779 to 765. There was a year-to-year increase of 3.38% from the 740 homes sold in June 2008.
2. The residential real estate market has swung from the seller’s market of three years ago when home prices were increasing as much as 20 to 30 percent per year to the buyer’s market today where prices have decreased and there’s an abundant inventory of homes from which to choose. That’s good news for those looking to buy a home.
a. Interest rates continue at record lows, at least for the short-term future.
1 The current condition of the housing market needs to be kept in historical perspective. Home values rose 88 percent on a national average – higher in California – over the past decade.
4. Sales continue to be hampered by problems in real estate finance. Both tighter underwriting standards and the ongoing effects of the credit/liquidity crunch continue to limit sales.
a. Buyers with secured financing, or all cash are not hampered by the constraints of the real estate financing market.
2 In fact, several North County brokers and agents have experienced significant increases in activity in recent weeks, working with well-qualified buyers who recognize optimum buying conditions in which there are low interest rates and an abundant selection of homes on the market.
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