Southern California Housing Prices Fall 36%

According to MDA DataQuick, a San Diego based aggregator of county record surveys; house and condominium prices fell by a whopping 36% from April 2008 to April 2009. The median price dropped from 5,000 to 7,000. From the peak in housing prices two years ago prices have fallen by 51% in the region.

Calling price stability “…tenuous at best”, MDA analyst Andrew LePage added “It’s going to come down to how much worse job losses and foreclosures are going to get for the balance of the year.”  Discounted foreclosure properties are dominating the market which is probably exaggerating the amount of the drop in prices. On sales of previously owned homes, foreclosures made up 54% of the total. It’s the seventh month in row that foreclosures have made up over 50% of previously owned properties.

The median price was down 1.2% from March, another month heavy in foreclosure activity. Median prices, in addition to being influenced by overall foreclosure sales, were also influenced by a relative handful of distressed sales in higher priced coastal areas, according to MDA DataQuick.        

The pain of dropping prices was felt in all six Southern California counties with San Bernardino racking up the biggest year on year loss at 48%. Bargain hunting could be the reason that the county also saw the biggest jump in sales with an 88% increase.  San Bernardino County saw real estate prices explode higher during the run up as buyers moved away from the coastal areas toward more affordable housing inland. Foreclosure activity spurred sales gains in five out six Southern California counties, the exception being Ventura County with a drop in sales of 6.1% from a year earlier.
19 percent of Southern California homes that were purchased in April were bought by absentee owners. These purchases could be used as second homes, rentals, or speculative purposes. The normal rate of absentee purchases has averaged 15% per month since 2000, according to MDA DataQuick.

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House prices are down (again) and will continue to go down!

The Case Shiller housing data came out last week. As I have said before, there are many house prices indices but Case Shiller gives the most accurate picture of the housing market, since it measures repeat sales in an apples-to-apples comparison. Hence you should pay attention when the data comes out (the last Tuesday of every month).

The data now covers the month of March 2009 and it is not pretty. In fact, the price decline set new month-to-month records in a number of cities, including New York (-2.5%) and, spectacularly, Minneapolis (-6.1%), apparently the worst monthly decline for any city in the index’ history.

Curiously, after Armageddon has crushed many US metro areas for months on end, it is only now that New York is starting to fall off the cliff. After having been declared “immune” to the housing crash by numerous real estate gurus, reality is finally setting in. The 2.5% monthly drop that New York clocked from February to March 2009 may not seem as a lot in light of the disastrous declines other cities have posted but it was in fact the worst monthly decline for New York in the index’ 22-year history.

San Francisco bay area, Las Vegas and Phoenix also continued their spectacular declines. San Francisco is now down 46% from the peak in 2006 and the index is back to mid-2000 levels. Las Vegas officially became the second major metro area in the US to decline by more than 50% from the peak (Phoenix passed that milestone in February and is now down 53% from peak level). Detroit continued its slide into the abyss and prices there are now back to 1995 levels (adjusting for inflation they are back to 1980’ies levels).

A couple of cities held up well and actually managed to eek out minor price increases. Most notably, Dallas, Denver and Charlotte were up by a few tenths of a percent. These were cities, however, that never had an exorbitant housing boom to begin with. Charlotte and Houston never flew very high (prices there “only” went up some 25-35% from 2000 to 2006) so there is less room to fall. By contrast, prices in Phoenix went up a good 125% over 6 years. That’s why Phoenix is today a smoking crater of sub-prime and option-ARM wealth destruction.

Somewhat remarkably, the price declines in Los Angeles, Washington DC and San Diego slowed down to a crawl, even though these cities are far from bottom. I have no idea why that is (one can speculate that Washington gets a fair amount of giddy business from lobbyists swarming the new administration). However it is a safe bet that these cities are not done falling, and that almost anyone who buys at the current price levels will be sitting on a loss a year or two from now. In LA, for example, prices are still up 60% from the baseline year 2000, so there is a long way to fall.

I have previously predicted that the 20-city Case Shiller index will decline at least 40% from peak to trough before this correction has run its course We are currently at a 32% decline from the peak, so there is another 12% still to go (not 8% because of compounding effects!).

For those who have read my columns on the stock market you may wonder how I can comfortably make these predictions. After all, I maintain that although the stock market may not always be efficient, history has shown that it is exceedingly hard for any individual to predict and profitably speculate on the future direction of prices.

What makes me comfortable about making general statements about the direction of the housing market, by contrast, is the fact that house prices exhibit what economists call “serial correlation”. This basically means that if prices fell last month, they are biased towards falling again this month (and vice versa for gains). This is not true for the stock market, but there are a number of reasons why it is correct for the real estate market.

One key difference is that stock prices ideally reflect the future stream of earnings of a company (something that is very hard to predict correctly, but that the stock market nevertheless tries to do every day). Unlike a factory or machine, a house is not a productive asset – it does not throw off products or services and is generally just a shelter.

When housing supply is very high (e.g. due to a poor economy which forces foreclosures) and demand is low (due to tight financing, high degree of uncertainty and high unemployment etc) house prices will fall. And once they start falling for these macro economic reasons, they tend to fall for a long time (typically several years).

When you add to this that we just had the most spectacular real estate bubble in the country’s history, and that bubbles always pop and prices come down to pre-bubble levels, it is not hard to predict that house prices will continue to decline probably well into 2010 (if not 2011). Look at the graph below which shows Case Shiller house prices for the 10-city metro index and one particular metro area (San Francisco). As you can see, prices have fallen significantly, but the trend is still unmistakably down. If you are thinking about buying then keep this chart in mind. You probably have plenty of time to buy before prices stabilize.

Escondido Provides Luxury at Affordable Prices

Situated about 30 miles northeast of San Diego along Interstate 15, Escondido is the fourth largest city in the San Diego County area. Characterized by its breathtaking natural landscape and family-oriented community, the Escondido real estate area is celebrated for its natural elegance and charming character. With Escondido real estate options continuing to expand, this impressive community will grow as well.

Escondido Real Estate Surrounded by Stunning Terrain

Spanning approximately 36 miles of prime coastal land, the Escondido real estate area has both outstanding mountaintop views and ample flat and rolling hills. This magnificent terrain is one of the reasons the Escondido real estate area has quickly grown in popularity. Escondido real estate is constructed where citrus and avocado groves flourished in the early 1900s. Many of these trees still remain among houses and in various parts of the community.

With a pleasing climate, the Escondido real estate area offers a number of outdoor activities. The average temperature in the Escondido community is a pleasant 82 degrees. And with constant sunny skies, and close access to a number of beautiful North San Diego County beaches, those who love the outdoors will take great pleasure in the Escondido real estate community. The city also offers five golf courses, a dozen parks, several local lakes stocked with bass, trout and catfish, an arboretum, and a farmers market.

Escondido Real Estate Proves to Be a Promising Investment

Considered to generally be a middle-class community, the Escondido real estate area is home to a wide variety of housing options. With an ample amount of available open land, and a steadily expanding population, a large variation of Escondido real estate is quickly emerging.

The average price of Escondido real estate is ranges around 0,000. However, the area is also home to several multi-million dollar properties, some exceeding an overwhelming million. With such an expansive range of Escondido real estate options present, these properties cater to a large range of potential home buyers, and remain a promising investment.

Various Recreational Activities Fill Escondido Real Estate Area

The Escondido community features several family-oriented events throughout the year. One of the most anticipated events is the Grape Day parade and festival. Constructed by the Escondido Historical Society, this festival is almost 100 years old and is a favorite among tourists and residents alike. Animal enthusiasts will enjoy the San Diego Wild Animal Park located in nearby San Pasqual Valley, while wine aficionados will take delight in Ferrara Winery, the oldest in San Diego County. Love the theater? The newly constructed California Center for the Arts offers theater and art exhibits all year round. Whatever your interests, the Escondido real estate community can offer something that everyone can enjoy.

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Comparing Panama Real Estate Prices with Those of Other Countries

Introduction – We are a Panama Law Firm not a real estate business. Our clients are frequently relocating to Panama and we assist in the real estate acquisition for them. We are often asked if the real estate bubble is going to bust in Panama or if the boom has just begun. Well we are not sure. We have done a few articles on the Panama real estate bubble breaking but now we are going to present objective data in support of the Panama real estate boom just starting. It could be true and prices may continue to escalate.

Worldwide Residential Real Estate Prices by the Square Meter – These are current prices for some major cities in Europe. This will give you a perspective as to how the Panama market fits into the greater scheme of things. These prices are for serious executive homes in prime locations. A discussion will follow after the prices:

* London ? ,000 Sq. Meter to ,000 Sq. Meter
* Paris – ,000 Sq. Meter
* Amsterdam – ,000 Sq. Meter
* Lichtenstein – ,000 Sq. Meter
* Moscow – ,500 Sq. Meter
* Rome – ,200 Sq. Meter
* Zurich – ,000 Sq. Meter
* Oslo – ,900 Sq. Meter
* Dublin – ,800 Sq. Meter
* Lithuania – ,150 Sq. Meter
* Latvia (Riga) – ,100 Sq. Meter
* Berlin – ,300 Sq. Meter
* Warsaw – ,600 Sq. Meter
* Slovakia – ,750 Sq. Meter
* Seoul – ,825 Sq. Meter
* Sydney – 50 Sq. meter
* San Diego – 50 Sq. Meter to ,000 Sq. Meter
* San Francisco – ,000 Sq. Meter to ,000 Sq. Meter
* New York – ,000 to ,000 Sq. Meter
* Miami Beach – 00 Sq. Meter to ,000 Sq. Meter
* Toronto – ,000 Sq. Meter
* Montreal – ,200 Sq. Meter
* Vancouver – ,700 Sq. Meter

Panama Real Estate Comparison – In Panama City one can get an executive condo in a new high rise building for ,800 to ,500 per Sq. Meter and pay less in an older building. We are talking about Condos with a swimming pool and recreation area, balcony, enclosed parking, round the clock security guards, multiple elevators, modern kitchens, city and or water views, beautiful lobbies with marble floors, walls and furniture, and so forth. In the outlaying areas single family homes and town homes can be bought for a bit less with ,000 to 00 a Sq. Meter generally bringing in a home in a gated community with all the features of an executive home.

Discussion of Panama Relative Housing Prices – Panama is priced very low compared to the other markets around the world. The question is can Panama rate with the major cities like Paris, New York, San Francisco, Miami Beach, and London etc. This would be an indicator of the attractiveness of Panama relative to the real estate market prices. Below are some categories where we unilaterally decided to indicate how Panama stands, so this is just our opinion, nothing more.

* Entertainment – DEFICIENT. Panama lacks any serious theatre, opera, orchestra, ballet, museums, foreign film houses, major league baseball, football, basketball, and hockey. There is some soccer and boxing. Panama does have gambling and horse racing. The outlaying areas have no entertainment to speak of.
* Crime – EXCELLENT. Most of these major cities have more violent crime in one day than Panama has in one year. Panama has crime but is very safe compared to these cities.
* Traffic – DEFICIENT. Lots of congestion. Wild drivers who disobey traffic laws, stop signs and even red lights. No vehicle safety inspections. Taxi and bus drivers have decided they are the only ones on the road who matter. Outlaying areas have far less problems with the traffic than Panama City. As the new housing projects complete and the Canal expansion begins the traffic is expected to get worse. On Fridays closet to pay day the traffic barely moves from about 3PM until 8 PM. Most of the stores and restaurants have parking. Lately it is almost impossible to get parking at the Allbrook Mall on weekends.
* Restaurants – SUPERIOR. Panama is loaded with excellent restaurants at very low prices. Steak dinners for .00 or less are abundant. Food is great.
* Shopping – VERY GOOD. You can get whatever you want in Panama City if you know where to find it. Lots of high-end stores are opening up in the malls. Lots of discounters popping up.
* Cost of Living – EXCELLENT. Your biggest expense will be real estate.
* Domestic Help – EXCELLENT. A live in Maid in Panama City is about 5 a month with benefits, plus room and board. Most of the condos and houses are built with a maid?s room and full bath. A driver runs about 5 a month.
* Airport – GOOD. Lots of airlines going to many cities in Central America, South America and USA. For Europe, India or Asia not so convenient.
* Medical – VERY GOOD. There are major hospitals including a full John Hopkins Hospital. Most prescriptions can be obtained in the drug stores. There is an abundance of competent doctors in all specialties. You can even have a doctor make a house call. Health care costs about 40% of what it does in USA.
* Weather – VERY GOOD. Panama is a tropical climate. No shoveling snow. It does get hot and humid. Some locations have more moderate weather but they usually have high humidity. No hurricanes, not tornadoes, no earthquakes in Panama City, no volcanoes, no tsunamis.
* Boating and Fishing – EXCELLENT. World-class sport fishing with 1200-pound Marlin and 400-pound Grouper. Abundant marinas.
* Stable Government – VERY GOOD. Things are most stable.
* Banking, Stock Market – EXCELLENT. Great banks and stockbrokers.

Conclusion – It appears likely that Panama could escalate in real estate prices to the ,000 a Sq. Meter market price. They are going to have to work on the culture and entertainment to draw in people accustomed to that housing price market. The traffic will need to be addressed and projects to improve congestion are already in the works. The downside of this theory is that there is not enough to draw people to Panama. Culture and entertainment is lacking and it may take many years for this to improve. There are no major industries here such as: banking, insurance, advertising, stock market, general manufacturing, software, high tech manufacturing, entertainment, tourism and so forth. This eliminates large groups of highly paid executives who need to pay high prices for housing to be close to their workplace. Retirees have needs that are fairly simple and can be met in any many different places around the world and it remains to be seen how much the retiree will pay for real estate. Quite possibly Panama Real Estate Prices have not yet even come close to peaking. Time will tell.

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San Diego Home Prices Showing Signs of Stabilizing

Home Prices in San Diego County for the month of October were higher than the same month in the previous year for the first time in more than three years. The increase was very minimal, and may be only temporary, but experts say that its indicative of a stabilizing market. The median sales price of 5k was unchanged from the previous two months, but was ,500 higher than in October 2008. It was the first year-over-year increase since June of 2006.

The increase comes on the tail end of a dramatic freefall in home prices, from May 2008 to May of this year, when year over year declines in home prices were more than 20 percent. January saw the biggest decline at almost 35 percent. Economists generally look at year over year numbers instead of monthly trends because they aren’t affexted by seasonal factors. The median sales price over that 13 month period, in all, fell from 0k to 0k before starting to go back up. 

Experts say that various programs from the federal government have been a huge help in stabilizing the market. With interest rates at or near record lows, affordability is higher than it’s been for quite some time. When scores of lending agencies were failing because of subprime mortgage defaults, the government stepped in, insuring loans and raising limits to spur home buying. Also, mortgage giants Fannie Mae and Freddie Mac were taken over by the government. Congress passed and recently both extended and expanded a tax credit for tax payers who buy a home in order to encourage on-the-fence people to buy.

Analysts say that the new-found stability for home prices id precarious at this point. A new wave of foreclosures or a spike in interest rates could cause prices to plummet again. Plus, it is uncertain how the market will react when the federal programs are closed next year. Sales, say analysts, are a more telling factor in the health of the market than prices. October saw 3,670 home sales in San Diego County, up more than 6 percent from September and 2 percent from last October. October typically brings a drop in sales from September.

Large numbers of distressed properties have been a factor in increased sales, as first time buyers and investors try to outbid each other on discounted properties. Almost 35 percent of homes sold in October had been foreclosed in the previous 12 months.

Analysts are hoping that the new expansion of the federal homebuyers tax credit will boost sales of higher priced homes, a real key to a sustained housing recovery. Sales in this area of the market have remained low because it’s difficult to get financing and sellers have not dropped asking prices, preferring to hold on to their properties until a recovery is at hand.

The number of distressed properties on the market does seem to be tapering off. But as unemployment continues to rise, it is unknown whether a new wave of foreclosures will hit as jobless homeowners struggle to get their mortgages modified and save their homes. According to the San Diego Association of Realtors, there are currently just under 8,300 active listings and 6,350 listings in pending mode.

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Can U.S. Luxury Real Estate Markets Sustain Home Prices?

Top 10 Luxury Home Markets To Watch for Price Increases or Reductions

The Unique Homes Magazine has listed 25 luxury home markets to watch in 2007 in its January issue. According to the Unique Homes report the 25 luxury markets will indicate where the luxury real estate market is heading to. These markets along with features that make them stand out from the rest are worth watching out for.

The following is a brief report on the top 10 luxury home markets to watch for price increases or reductions in 2007.

1. Annapolis, Maryland. The waterfront city located on Chesapeake Bay offers excellent boating and affordable prices compared to Washington’s luxury enclaves. With Washington and Baltimore within reasonable commute, this city is highly desirable.

2. Asheville, North Carolina. An eclectic ambiance and low-key lifestyle attracts people to Asheville which continues to remain one of the hottest places for luxury home buyers.

3. Aspen, Colorado. From a ski enclave this luxury market has grown into a platinum location. With its four-season appeal and restrictive zoning policies, Aspen is still a highly-sought after destination.

4. Atlanta, Georgia. The city offers several new upscale communities, numerous lifestyle amenities, retreats and much sought after waterfront luxury homes.

5. Austin, Texas. A strong real estate market that saw record gains in 2006, the reputable University of Texas, the scenic lakes and the great music attracts buyers to this hill country.

6. Bellevue/Medina, Washington. With prices going up at 28 percent, the market has still not peaked and several upscale neighborhoods are available at a lower price range when compared to other markets.

7. Beverly Hills, California. One of the top ranked luxury markets that is perpetually in demand, Beverly Hills continues to be untarnished and idolized as the Mecca for luxury. Hollywood Hills is currently a hot market for buyers.

8. Idaho. The growing resort markets in the state garner attention for the state that is making its presence felt in the luxury home market.

9. Jupiter, Florida. The boom has arrived here after Tiger Woods’ purchase of a 10-acre estate for m. The market continues to surge on this exclusive island.

10. Manhattan Uptown, downtown, midtown. The luxury market is upbeat with record sales of more than m in 2006 accelerated by Wall Streeters. Co-ops and town houses are favorites among buyers here.

If you are interested in buying or selling a home, condo or any other type of real estate in any of these markets, be sure to seek out the services of a real estate agent to advise you about current local market conditions.

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2006: U.S. Cities With Overvalued Real Estate And Home Prices

Buying a home is a big-time real estate investment and has to be done with great prudence. Knowing where not to buy a home is as important as are the dos and don’ts of buying a home.

Of the many top ten lists on CNNMoney.com, there is listed the top ten overvalued cities in America where it is better not to buy a home for the next two years or so. The report states a variety of reasons for the unfavorable market conditions.

Five cities in California – Bakersfield, Fresno, Merced, Sacramento and Stockton, figure among the top ten cities that have the least possibility of home price appreciation. Home prices have reached a new high (by nearly 60%) in these areas over the past two years. With an economy driven by agriculture and relatively higher unemployment rates anticipated for that area, the real estate market is predicted to slump in the region.

Although three cities in Florida are recommended as good real estate buys, the report also cites four others in Southwest Florida that fall among the very bottom of the list. With home prices here expected to plummet very soon, cities like Fort Myers, Naples, Punta Gorda and Sarasota are those that one would do best to avoid for a year’s time or so, while buying a home or a condo.

Market prices are expected to decline in the Jersey Shore (New Jersey) area that saw a radical boom in the last two quarters. Although home prices in the third quarter have rebounded from the slight drop during the second quarter, the bubble is expected to burst soon and the overpriced market is likely to stabilize. The popular seaside cities of New Jersey, Atlantic City and Ocean city are anticipated to fall under the unfavorable list.

In Phoenix, Arizona, a hot favorite among investors last year, sliding home prices may to be an unavoidable occurrence in the next 12 months. With home prices dropping by more than 0,000 in some residential developments and investors trying to sell off their property, it is safer to wait for a year or longer before investing here.

Economists at Moody’s Economy.com also predict a sharp decline in Riverside and San Bernardino counties, California’s Inland Empire.

The bottom ten cities that are likely to see major drops in median home prices during the coming year are Stockton, (leading the list with a predicted fall of 9.7%), Merced, Reno/Sparks, Fresno, Vallejo/Fairfield, Las Vegas, Bakersfield, Sacramento, Washington, D.C and Tucson.

Given these fluctuating real estate market conditions, one should exercise a great deal of caution when investing in real estate. It makes sense to get the expert advice of a real estate agent to advise you about your next home purchase, since agents often have access to the most up-to-date real estate market data and neighborhood pricing trends.

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Central San Diego Real Estate Market ? Mid Year Snapshot of average prices (2006) ? Single Family

Central San Diego Real Estate Market – Mid Year price situation of medium (2006) – Single Family
As I write these lines, the markets of San Diego real estate means that a seller, one that buyers have shifted preference favorite. However, this assumption may not be true that all human populations grow in San Diego, as median prices continue to decline in some communities over others.
While there are many parameters to assess the performance of real estate prices in a community, is a parameter frequently used, the median price of homes from one point in time in a particular time of assessment. The median price represents the point at which half the homes in which more than a certain price, and half of the homes are below a certain price. The average price per metric provides a method for analyzing the direction of home prices, but should not be the only source of data from the form to use conclusions.
The data below is a comparison of average prices for the various communities in central San Diego, in a comparison of data from June 2005 with data from June 2006. This information is shown only one parameter at a particular time, and other data or data in the coming months will provide a support or challenge the price below. For some communities of San Diego is following, very few homes sold in June 2006, which diminishes the usefulness of the metric average.
Community with a median price increase – Single Family – June 2006
The data below refers only to the sale of single family homes and condominiums or townhomes are not included. The data is organized by the magnitude of the change in the average price, with the highest average price variation presented earlier.
Coronado for the housing market, the average price was $ 1775000, which represents an increase of 14.7% over the same period last year. Approximately 15 homes sold in June 2006 (21 properties available in June 2005).
To the Point Loma real estate market, the average price was $ 1024068, which represents an increase of 11.4% over the same period last year. Approximately 20 homes sold in June 2006 (14 homes available in June 2005).
For the City University (UTC) of the housing market, the average price was 780.000, which represents an increase of 10.6% over the same period last year. Approximately 5 homes sold in June 2006 (19 properties available in the month of June 2005).
For the La Jolla real estate market, the average price was $ 1692500, which represents an increase of 10.3% over the same period last year. About 28 homes sold in June 2006 (38 properties available in the month of June 2005).
For the Logan Heights real estate market, the average price was $ 425,000, representing increases of 7.6% over the same period last year. Approximately 13 homes sold in June 2006 (14 homes available in June 2005).
For Paradise Hills real estate market, the average price was $ 507,500, representing an increase of 5.7% compared to the same date last year. Approximately 8 homes sold in June 2006 (16 homes available in June 2005).
Mission Hills for the housing market, the average price was $ 927,500, representing increases of 3.1% over the same period last year. Approximately 11 homes sold in June 2006 (12 properties available in the month of June 2005).
For the Scripps Ranch (Scripps Miramar), real estate market, the average price stood at 759,250, an increase of 2.8% compared to the same date last year. About 34 homes sold this month (43 homes available in the month of June 2005).
For the housing market in San Carlos, the average price was $ 563,000, which represents an increase of 2.4% compared to the same date last year. Approximately 12 homes sold in June 2006 (16 homes available in June 2005).
For Del Cerro real estate market, the average price was $ 557,500, representing increases of 2.1% over the same period last year. Approximately 13 homes sold in June 2006 (30 properties available in the month of June 2005).
For normal heights of the housing market, the average price was $ 676,250, representing 1.7% increase over the same period last year. Approximately 20 homes sold in June 2006 (19 properties available in the month of June 2005).
COMMUNITY ‘a decrease in the median price – Single Family – June 2006
The data below refers only to the sale of single family homes and condominiums or townhomes are not included. The data is organized by the magnitude of the change in the average price, with the highest average price variation presented earlier.

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Central San Diego Real Estate Market – Mid Year Snapshot Of Median Prices (2006) – Single Family Homes

Central San Diego Real Estate Market – Mid Year Snapshot of Median Prices (2006) – Single Family Homes

As of this writing, the San Diego real estate markets appears to have shifted from one that favors sellers to one that favors buyers. However, this premise may not hold true for all communities within San Diego, as median prices for some communities continue to rise while others fall.

While there are many metrics to evaluate the real estate pricing trends of a community, one commonly used parameter is to evaluate the median price of homes from one point in time against a prior point of time. The median price reflects the point at which half the homes are above a particular price point, and half the homes are below a particular price point. The median price metric provides one method to analyze the direction of home prices, but should not be used as the sole source of data from which to form conclusions.

The data below is a comparison of median prices for various communities in central San Diego County, comparing data from June 2005 against data for June 2006. This information is only one metric at a particular point in time, and other metrics or data from future months may support or dispute the pricing trends noted below. For some of the San Diego communities presented below, very few homes sold during June 2006, which diminishes the usefulness of the median price metric.

COMMUNITIES WITH INCREASES IN MEDIAN PRICE – SINGLE FAMILY HOMES – JUNE 2006

The data below pertains only to the sales of single-family homes, and does not include condominiums or townhomes. The data is organized by the magnitude of change in median price, with the highest change in median price presented first.

For the Coronado real estate market, the median price was ,775,000, which represents a 14.7% increase from the same time last year. Approximately 15 homes sold in June 2006 (21 homes sold in June 2005).

For the Point Loma real estate market, the median price was ,024,068, which represents an 11.4% increase from the same time last year. Approximately 20 homes sold in June 2006 (14 homes sold in June 2005).

For the University City (UTC) real estate market, the median price was 0,000, which represents a 10.6% increase from the same time last year. Approximately 5 homes sold in June 2006 (19 homes sold in June 2005).

For the La Jolla real estate market, the median price was ,692,500, which represents a 10.3% increase from the same time last year. Approximately 28 homes sold in June 2006 (38 homes sold in June 2005).

For the Logan Heights real estate market, the median price was 5,000, which represents a 7.6% increase from the same time last year. Approximately 13 homes sold in June 2006 (14 homes sold in June 2005).

For the Paradise Hills real estate market, the median price was 7,500, which represents a 5.7% increase from the same time last year. Approximately 8 homes sold in June 2006 (16 homes sold in June 2005).

For the Mission Hills real estate market, the median price was 7,500, which represents a 3.1% increase from the same time last year. Approximately 11 homes sold in June 2006 (12 homes sold in June 2005).

For the Scripps Ranch (Scripps Miramar) real estate market, the median price was 9,250, which represents a 2.8% increase from the same time last year. Approximately 34 homes sold this month (43 homes sold in June 2005).

For the San Carlos real estate market, the median price was 3,000, which represents a 2.4% increase from the same time last year. Approximately 12 homes sold in June 2006 (16 homes sold in June 2005).

For the Del Cerro real estate market, the median price was 7,500, which represents a 2.1% increase from the same time last year. Approximately 13 homes sold in June 2006 (30 homes sold in June 2005).

For the Normal Heights real estate market, the median price was 6,250, which represents a 1.7% increase from the same time last year. Approximately 20 homes sold in June 2006 (19 homes sold in June 2005).

COMMUNITIES WITH DECREASES IN MEDIAN PRICE – SINGLE FAMILY HOMES – JUNE 2006

The data below pertains only to the sales of single-family homes, and does not include condominiums or townhomes. The data is organized by the magnitude of change in median price, with the highest change in median price presented first.

For the Old Town real estate market, the median price was 0,000, which was a 19.1% decline from the same time last year. Approximately 5 homes sold in June 2006 (14 homes sold in June 2005).

For the Golden Hill real estate market, the median price was 1,000, which was a 16.4% decline from the same time last year. Approximately 10 homes sold in June 2006 (13 homes sold in June 2005).

For the Pacific Beach real estate market, the median price was 1,960, which represents a 14.8% decline from the same time last year. Approximately 15 homes sold in June 2006 (19 homes sold in June 2005).

For the Tierrasanta real estate market, the median price was 0,000, which represents a 12.6% decline from the same time last year. Approximately 9 homes sold in June 2006 (17 homes sold in June 2005).

For the North Park real estate market, the median price was 0,000, which represents a 9.7% decline from the same time last year. Approximately 31 homes sold in June 2006 (16 homes sold in June 2005).

For the College Grove real estate market, the median price was 5,000, which represents a 5.9% decline from the same time last year. Approximately 38 homes sold in June 2006 (40 homes sold in June 2005).

For the City Heights real estate market, the median price was 0,00, which represents a 5.3% decline from the same time last year. Approximately 17 homes sold in June 2006 (30 homes sold in June 2005).

For the Mira Mesa real estate market, the median price was 0,000, which represents a 4.7% decline from the same time last year. Approximately 45 homes sold in June 2006 (47 homes sold in June 2005).

For the Linda Vista real estate market, the median price was 0,000, which represents a 4.2% decline from the same time last year. Approximately 16 homes sold in June 2006 (17 homes sold in June 2005).

For the Mission Valley real estate market, the median price was 0,000, which represents a 3.8% decline from the same time last year. Approximately 7 homes sold in June 2006 (18 homes sold in June 2005).

For the Encanto real estate market, the median price was 5,000, which represents a 3.3% decline from the same time last year. Approximately 36 homes sold in June 2006 (47 homes sold in June 2005).

For the Clairemont real estate market, the median price was 5,000, which represents a 2.6% decline from the same time last year. Approximately 30 homes sold in June 2006 (34 homes sold in June 2005).

For the Sorrento Valley real estate market, the median price was 1,000, which represents a 1% decline from the same time last year. Approximately 6 homes sold in June 2006 (5 homes sold in June 2005).

ADVISORY

Homebuyers and home sellers should keep in mind that the data above is simply a snapshot in time, and is not conclusive of the pricing trends for any community. For some communities presented above, very few homes were sold during June 2006, which makes the use of the median price metric of limited value. The data must be evaluated over a longer duration, and involve multiple metrics to fully understand enduring market trends. Contact your Realtor to obtain information about enduring market trends for any given community.