June 2007 - Home Sales Data

July 17, 2007

JUST RELEASED...Here's the latest market report for North County (San Diego) according to data collected from the North San Diego County Association of REALTORS:
-----------------------------------------------------------------------------------(1) The median price for all North County homes sales - attached & detached - up 1.7% in May, increasing $10,000 - from $580,000 to $590,000.

a. Detached home prices in North County increased 1.83%, from May to June, from $655,000 to $667,000

b. Attached home prices in North County increased during June 2007 by 0.76% from $396,000 a month earlier to $399,000.

c. Median days-on-market (DOM) for single-family detached homes in North County increased from 43 to 50 days between May and June. The number of North County single-family detached homes sold increased 10.48% last month - from 725 to 801.

CONTEXT & PERSPECTIVE:

Despite the perceived notion of losing ground, the housing market continues to remain stable with signs of optimism as the market swings into summer - traditionally the best time of the year for the housing market.

The present conditions are highly ideal for buyers (nothing new there!). Interest rates remain comparable to 40-year lows and the inventories are still high. Home prices are expected to rise modestly early next year.

The current condition of the housing market needs to be kept in perspective. Hosue values rose 88% on a national average - higher in California - over the past decade.

- The number of U.S. households is expected to increase 15% over the next decade, creating a continued high demand for housing.

- Even with the lower appreciation levels, there will still be strong investment incentive to buy homes in North San Diego County...especially considering that a home is not like other investment assets.