The median home price in San Diego County was $542,000, a rise of 2.5 percent in a year. New home sales in San Diego County fell 20 percent in January from a year earlier, hitting an 11-year low, real estate tracker CoreLogic reported.
Sales were down across Southern California with analysts attributing the reduction to wages not keeping up with home prices and fluctuating mortgage rates, and to a lesser extent the partial government shutdown and stock market volatility.
Real estate analyst Gary London said the real estate market was not experiencing a bubble pop but a normal adjusting after hitting a high point. The problem is not a lack of demand, because numerous people want to buy, but that the type of housing is too expensive for many
According to SDAR; Inventory is gradually starting to improve in many pockets across the country, including in several markets that are showing year-over-year percentage increases. Listings tend to improve immediately after a new year, but this national increase also has to do with fewer sales.
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Raana Jamshide, Broker Associate, DRE#01255312
Pacific Sotheby’s International Realty
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