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 May 18, 2007

San Diego County Market Slow, yet Home Resales show Strength
The San Diego real estate market continued at a slower pace in April; however resales of exiting homes showed some strength.
The median price for all San Diego homes (new and resales) in the month of April was $490,000, this is down 3% from 2006 and unchanged since March. April showed the slowest year over year rate of decline since last August.

USD economist, Alan Gin states that he feels the housing "bubble" has not burst, but that the market may not have had a "soft landing" either. He continues by stating that the market is indeed going down, but not collapsing. He cites the past shows that a slowing economy tends to drag down the housing market. Currently the question on his mind is will the declining housing market bring down the entire economy with it?

Data shows that April was the tenth consecutive month that showed a decline in the overall median price for homes (new and existing.)

The overall median price was down just 5.3% from November of 2005 which was the peak of the housing boom. At that time the median price was $517,500. Many of the home prices in the county doubled in the first half of this decade.

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