Production of new homes in San Diego put it ahead of the rest of California during this past May. This may
be an indication that residential Real Estate is coming up off of its low point of last year.
There are two primary reasons why the San Diego area is ahead of the rest of the state, growth of employment and market timing.
San Diego's situation is a bit different due to the increase in building in Camp Pendleton. That construction is producing an increase in jobs, which in turn creates a demand for new homes.
Also, as the San Diego area was the earliest in the state to experience the Real Estate downturn, it is seen as an indicator of possible improvement in the residential Real Estate market.
The eighteen cities and the San Diego County government issued 435 permits for home construction. Of these, 186 permits were for single family and 249 were for multi-family homes. These numbers represent an increase of 35.9 % from this past April and an increase of 96.8 % above May of last year.
