How Low Can It Go? San Diego Home Price Drop Is 4th Worst In Nation
Thursday March 27, 2008
The San Diego real estate free-fall continues. According to the monthly Standard & Poor's/Case-Schiller home-price index, San Diego County home prices dropped a record 16.7 percent over the past year. This made the local market the fourth worst out of 20 metro areas when it comes to home price declines. According to the report, prices have fallen month to month for five straight months in all 20 cities tracked by the index. And the declines are getting steeper, with 13 of the 20 cities reporting their biggest single monthly decline in January. Phoenix dropped 18.2 percent, and Miami and Las Vegas both dropped 19.3 percent. In San Diego, the index is off 21.1 percent from the all-time peak set in June 2006. It looks like 2008 is going to be a trying year in the San Diego housing market.
Comments
central and coastal single family homes in san diego have barely dropped at all.
This article is misleading because it portrays the vast swaths of high crime and east county desert locales as part of the greater san diego trend of downward prices.
the fact remains that the real san diego, the cetral san diego, and coastal san diego, remains priced well above the means of the average or even upper middle class american, and single family home prices remain out of whack with the economics of the region.
A typical single family home with 1400 square feet with almost no land is selling for over 500k in even the most mundane neighbourhoods in central san diego. foreclosures in good neighbourhoods are getting multiple bids, and selling for near pre meltdown prices.