Houses for Sale in San Diego

Houses for Sale in San Diego- According to local San Diego real estate expert Gary London and USD economist Alan Gin, San Diego is not headed into a double-dip of real estate prices, but rather is bouncing along the bottom as forecasted. The San Diego economy has continued to add jobs and grow this year and is predicted to continue its slow recovery.

The University of  San Diego Burnham-Moore Center for Real Estate’s Index of Leading Economic Indicators for San Diego grew by .09 in April, the biggest gain since January 2010 when it rose by 1.0 percent. Except for a dip in the national economy, the other five components all advanced higher. The index has risen now in 22 of the past 25 months.  Alan Gin says, “Positive economic growth is expected for the local economy for the rest of 2011″.

Much of the recently predicted  national real estate downturn is based on the S&P Case-Shiller report that describes sales that have occured in late 2010 and early 2011.  As Gary London states, “While the market values and activity are irrefutably down, this index is still tracking mostly distressed sales, which continue to dominate the market. When the ‘want to’ sellers come back, gradually replacing the ‘have to’ sellers, and when lenders start lending we will know where we stand”. He points out that a move in the housing index of 2 percent in either direction is not newsworthy nor can you track the strength of the housing market in short-term increments.   

Read the interview with Gary London and Alan Gin from KPBS studios on May 31, 2011 entitled, “Some Optimism About San Diego Economy, Real Estate” at:

 http://www.kpbs.org/news/2011/may/31/san-diego-economy-real-estate-holding-steady/

For assistance with houses for sale in San Diego contact local real estate expert and Realtor Russ Petrone with Petrone Properities Real Estate Associates at (858) 775-1812 or at www.PetroneProperties.com

Technorati Tags: Houses for Sale in San Diego, real estate market, san diego economy, san diego home buyers, san diego realtor

Tags: Houses for Sale in San Diego, real estate market, san diego economy, san diego home buyers, san diego realtor

Houses for Sale in San Diego- DataQuick Information Systems in San Diego reported May12, 2011 that prices of houses for sale in San Diego fell slightly by 1.1 percent in April compared to the same period last year as well as falling 1 percent from March 2011.  Median home prices continue to linger in the low to mid $300,000′s with Aprils figure at $321,750.  

San Diego county closed 3,277 homes in April, down 0.5 percent from last year, but up 7 percent from March. Researchers said this sideways or downward pattern of home prices was experienced throughout Southern California.  Orange County was the only area of no change while San Diego, Los Angeles, Riverside, San Bernadino and Ventura all experienced declines in home prices.

The good news is that this week saw a new 2011 low for interest rates and job creation is San Diego county continues to rise. However, home buyers are still facing tight lending rules making it increasingly more difficult to get financing and increasing costs on consumer stables such as gasoline and groceries continue to be a drag on the local economy.

The president of DataQuick, John Walsh had this to say:

“The market’s in a rut at a time it would normally be building momentum. Two of the more likely forces that could get it going again are more robust job growth and home price reductions. At the moment, the latter appears to be the more likely short-term catalyst.”

To find out more information about houses for sale in San Diego and the direction of our local market contact Realtor and  25 year real estate veteran, Russ Petrone, Broker of Petrone Properties Real Estate Associates at (858) 259-1000 or visit www.PetroneProperties.com.

Technorati Tags: first time home buyer, Houses for Sale in San Diego, san diego economy, san diego home prices, san diego realtor

Tags: first time home buyer, Houses for Sale in San Diego, san diego economy, san diego home prices, san diego realtor