San Diego Apartment-sector correction seen

The San Diego Tribune reports:

For much of the past two years, San Diego County's scorching real estate market hasn't played favorites. Homes, office buildings and apartment complexes all have been seen selling for top dollar.

Now, however, apartment complexes may be the first of the region's hot real estate sectors to be experiencing a full-blown correction. The number of apartment sales has declined for the third straight quarter, according to a report from Burnham Real Estate Services.


Year-to-date sales of 762 complexes totaling 10,619 units are at their lowest levels since 1996, said George Carlson, an apartment specialist with Burnham.

"This is three slow quarters in a row. That signifies a market correction," Carlson said. "I think it's at the point of going from a seller's market to a buyer's market."