The median home price in San Diego County rose to $290,000 last month, according to information from MDA DataQuick.
According to a San Diego Union-Tribune story right here, it was the third straight month that the median has either increased or stayed the same, which has some observers thinking the market has bottomed out.
The median home price in the county peaked at $517,500 in late 2005. That seems incomprehensible now.
We'll have to watch the unemployment rate, the number of short sales and foreclosures in the pipeline and the availability of loans over the next few months to get an idea of whether this upward trend continues.
A couple of other interesting notes in the Union-Tribune story:
— Inventory has decreased. Active listings were at 13,354 yesterday, which is down nearly 500 from last month.
— The number of foreclosure sales was down to 47 percent (it was at 55 percent in January) among all resales. This bears watching over the next couple of months because there is some concern of a backlog of foreclosures coming to the market.
— There is a proposal to increase the fund for the $10,000 state tax credit for buying a new home. The fund is $100 million and they're hoping to increase it to $300 million to keep the program going. It may be tough to find the money, however, if voters reject today's ballot propositions (which appears likely). I haven't seen how much money is left in the fund, but it isn't expected to last past this year.
— Southern California is expected to be one of the first regions to recover from the housing downturn because it was the first area to suffer in the downturn.
Contact Kirk Kenney: 619.920.2195 or kirkkenney@coldwellbanker.com
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