Market Update | Home Prices Up, Sales Down in 2013

posted on January 13th, 2014 | filed under: Uncategorized

Trends At A Glance - JanSan Diego County home prices rose sharply last year. The median price for single-family, re-sale homes gained 18.9%, much of this was due to investors sweeping the lowest priced homes off the market for the past two year.

The average price gained a healthy 17.6%.

Condominiums joined the party also. The median price for re-sale condos was up 27.7%, while the average price rose 22.8%.

Home sales fell 1.2%, but at 26,780 units sold was the second highest since the market started peaking in 2004.

We expect sales and prices to stabilize in 2014. After peaking at 24.6% in July, the year-over-year median price change has been steadily dropping. Last month it was “only” 13.8%. We expect this trend to continue this year.

The surge in prices over the past year and a half has driven most home owners back above water. This should bring more sellers into the market.

To read the full report CLICK HERE.

posted by Jeff DeChamplain

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Jeff DeChamplain