San Diego County’s housing market continued to slow in October, with the median price of a home falling $9,250 from the month before.
It was the biggest drop in month-to-month values since prices fell $16,000 from December 2012 to January 2013, generally considered the slower time of the year.
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Still, the median value of a home, now $412,750, is up 17.9 percent from last October’s median $350,000, real estate tracker DataQuick reported Tuesday. However, the October figure is well below the 24.1 percent gain San Diego County housing prices saw from June 2012 to June 2013, which is considered peak buying season. The highest county median price was $517,500 in November 2005.
John Walsh, DataQuick president, said in a statement that low inventory, low mortgage rates, and higher levels of investor purchases pushed up the previous annual gains of 20 percent.
“In recent months each of those drivers has reversed somewhat,” he said.
Mark Goldman, a loan officer and real-estate lecturer at San Diego State University, said the market is decelerating, as yearly gains of 20 percent were unrealistic.
“The buyers are cooling a bit,” he said. “There was very limited inventory and people were bidding up prices and realized they overshot the market of what the properties were worth.”
read more: http://www.utsandiego.com/news/2013/nov/12/dataquick-real-estate-housing-mortgage-value/
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