San Diego Housing Slowdown

The San Diego Union-Tribune reports:

San Diego County housing prices took their biggest-ever spring stumble last month as the median sales price fell to $490,000, down $15,000 from the previous month.


The median price was just $2,000 higher than it had been a year earlier and was down 5 percent from the record level of $518,000 it reached in November, according to DataQuick Information Systems.

Meanwhile, other indicators also pointed to a market that has weakened considerably after the region's lengthy real estate boom. Sales were down for the 23rd straight month, days on the market stood at two months and inventories of unsold homes topped 19,800, a 7.1-month supply.

The decline in prices was concentrated in new housing, a historically volatile category. For newly built homes, condos and condo conversions, the median dropped from $495,500 in April to $424,000 in May, the second largest drop in that category since DataQuick began its record keeping in 1988. January saw a $104,000 drop from December.

It appears that San Diego real estate has topped out for a while.You'll want to read the whole article.Check out the picture of the six for sale signs on one block.