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May 13, 2010

PRICE OF HOMES GOES HIGHER IN SAN DIEGO
The price of resale homes in San Diego County was up by 14.7 % during the first quarter of this year. The median price of a resale home has risen to just under $380,000. This makes the San Diego area one of ninety-one metropolitan areas out of one hundred fifty-two surveyed that showed an increase from the first quarter of 2009. San Diego came in sixteenth in price appreciation and seventh in point of price.

Home prices appear to be leveling out on a national basis, with the median of just over $166,000 having come down by 0.7 % from the last quarter of last year.

The Federal Tax Credit for home purchasers was one of the primary factors in decreasing the number of homes on the market. Nearly one million extra sales were a direct result of the credit.

Nationally, sales were at an annual rate (adjusted for the season) of 5.13 million for the first quarter of 2010, which is lower by nearly 14% from the huge rush of 5.96 million that was brought about by the tax incentive during the 4th quarter of 2009.

Although there is an increase in San Diego home prices, they are considerably lower than the high point that was reached in 2005. A few analysts attribute the price rise to a difference in the market makeup: i.e., a greater number of higher-end homes were sold than in preceding quarters rather than a great increase in worth.