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 February 11, 2008

San Diego Housing Market Expected to Lead the Recovery Process
Between the years 2000 and 2005 the median price, in San Diego, jumped over 200%, which, even with a 25% decline in prices, still leaves San Diego home buyers with a great deal of equity. When the housing market declined in the 90's, San Diego was one of the first cities to recover and is expected to do the same this time around. Despite what other cities may be doing, San Diego's housing market and economy continue to grow regardless of the rest of the country.
Unlike Florida, San Diego has not been overbuilt and the lack of land and a reducing inventory will begin to stop the decline in home prices. In 2006, there were approximately 320 active units and one year later that number fell to just over 280 active units. This resulted in more than a 10% decrease in homes for sale in San Diego.

Also on the upside is the rate of employment in San Diego. Alan Gin (USD economist) is predicting that there will be up to 10,000 new jobs in 2008. Even at this time, San Diego has a very low unemployment rate, but Gin thinks they will only get better.

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