New Home Prices Hit Record High

The median price for newly built single-family homes and condos in San Diego County shot up to a record high in December, while the number of new homes sold hit a record low for a December.

Last month, 284 new residences sold at a median $699,000, a 48 percent hike over the $473,250 median new home price in December 2012, when 419 new homes sold. The previous record for a median new home price was $553,000 in February 2008, when 330 units closed escrow, real estate tracker DataQuick reported Tuesday.

The new home sales may have skewed the data up due to a number of high-end closings scheduled to be on the books by the end of 2013.

“If builders are trying to get their business plan done by the end of the year, they may have phased in construction to close in December,” said Paul Barnes, president of Shea Homes San Diego, developer of various properties such as Civita in Mission Valley. “If a project is extremely high end and there’s not a lot of other competing activity you’ll get those aberrations.”

read more at: http://www.utsandiego.com/news/2014/jan/14/dataquick-construction-homes-realestate-housing/

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