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April 27, 2010

The price of homes in the San Diego area was one of the first in the country to begin to drop. Today, it is the only metro area out of twenty surveyed where the prices have ticked upward from this past January to February.

San Diego's price index for homes was up by 0.6% from January, 2010 to February 2010, while the other nineteen metro areas that were tracked were down for the same months.

On a year to year basis, San Diego home prices were up by 7.6%, while in the rest of the country prices were down by 0.9% from this past January and February, but were higher by 0.6% from the same months in 2009.

Actually, in 6 of the areas studied showed that the price of homes was at the lowest point since the highest levels were reached during 2006 and 2007. This information may indicate that there is the possibility that the price of homes may turn downward a bit more before any long-term increases are realized.

While there has been a great increase in the sales of both existing and new homes, this may be due to the Federal tax credit for home purchasers that will expire at the end of April.

We must acknowledge all of the foreclosures, which have now attained their highest numbers since 2005. As these properties come onto the market for sale, this may result in another lowering of home prices.