Tuesday, March 17, 2009

Median Home Price Rises Slightly

The median price of a home in the county rose by $5,000 — to $285,000 — in February, the first increase in 10 months, according to this story today in the San Diego Union-Tribune.

That's still nearly one-third lower than the median price of a year ago.

Inventory remained substantial, according to the San Diego Association of Realtors, with nearly 15,000 listings. That's more than four times as many listings as there were about five years ago, when the market was heading for its peak.

It's too soon to draw a conclusion from the rise in median price. Obviously, supply is much larger than demand at this point. The economy — and whether it leads to higher unemployment — and availability of financing are two factors in where we're headed.

Contact Kirk Kenney: 619.920.2195 or kirkkenney@coldwellbanker.com