“SD home sales best in 7 years
November’s median was $358,000, up 13.7% from year ago
San Diego County housing prices rose 13.7 percent over the last year to $358,000 as sales soared to their best November in seven years, DataQuick reported Wednesday.
It was the highest overall price since July 2008 as the market was skidding down and close to the $357,000 posted in March 2003 as prices were rocketing up…
…Sales for November totaled 3,371, down 6.9 percent from October, a typical seasonal dropoff. But that was 22.4 percent higher than a year ago and the highest for any November since the local market peaked in November 2005. At that time, there were 4,232 sales and prices stood at an all-time median high of $517,500.
In brief, overall prices were 30.8 percent off the November 2005 peak but have risen 27.9 percent since the January 2009 low of $280,000.
For 19 southwestern Riverside County neighborhoods near the San Diego County line, the overall median stood at $243,000, up 3.6 percent from October and 10.5 percent from November 2011. The sales count was 1,139, up 12.7 percent from year-ago levels.
DataQuick attributed the increases in prices and sales to a greater demand for higher-priced homes and reduction in low-cost foreclosure properties…”