Industry News

San Diego real estate shows signs of weakness

Prolonged boom gives way to slowing sales, dipping prices

What a difference a year makes. The San Diego real estate market, which had been one of the hottest in the country during the past few years, is now experiencing a much slower sales pace, and home prices are retreating. The San Diego Association of Realtors reported that the sales volume of attached, existing-home unit sales in San Diego County fell 38.9 percent in June 2006 compared to June 2005, while the average sales price dropped 4.6 percent and the median sales price dipped 5.2 percent in June 2006 compared to June 2005. Meanwhile, sales of detached existing homes fell 30.1 percent, while the average sales price grew 5.39 percent and the median sales price increased 1.55 percent in June 2006 compared to June 2005. DataQuick Information Systems, a real estate information company, reported that the median sale price of new and existing homes and condos dropped 1 percent in San Diego County in June compared to June 2005. The performance of the San Diego market may be an indicator o...

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