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June 18, 2010

HOME PRICES IN SAN DIEGO TAKE UPWARD BOUNCE
The price of homes in San Diego County, which were dropping dramatically last year, are presently taking an upward turn as bargain-seekers glom on to the great deals to be had. Buyers in the high-end market are also taking advantage of the pleasing prices that are available.

The median price for a home in the County during May was $340,000, which is higher than April by 4.5 % and up by 15.3 % from May of 2009. May was the eighth consecutive month of boosts in the median price on a year over year basis.

Throughout the County, it appears that nearly everything is up from the lowest price point, even if just by a small amount. It is not that particular houses are showing rapid appreciation; it's that there is a wider variety of homes that are selling.

For instance, some North County areas near the coast provided just over 10 % of the resales of single family homes last month, which is higher than May of 2009 by approximately 2 % and is higher than the average for the period between 2000 and 2010, which was 9.6 %. The number of homes sold in those North County areas was up 41.3 % from May of the preceding year, which is greater than that of any of the other local markets in San Diego County.

The increasing shares of sales and fairly hefty rise in the more expensive coastal areas throughout this past year aids in explaining the 15.3 % upward move of the median home price.