The Dropping San Diego Home Prices

The San Diego Union Tribune reports:

San Diego County home prices dropped last month by nearly 4.5 percent, double the rate in August and the biggest year-over-year decline since 1993, DataQuick Information Systems reported Wednesday.

The $476,000 overall median was down $6,000 from August and off $22,000 from September last year, the biggest year-over-year dollar reduction DataQuick has reported since it began keeping local records in 1988.


The latest overall figure represents a drop of $42,000 or 8.1 percent below the all-time peak of $518,000 reached just 11 months ago.

Looked at another way, with housing back to its early-2005 levels, many sellers who bought since then will be lucky to get what they paid for their property at the peak of the five-year buying boom.

We predict the trend will continue in San Diego for at least another 18 months if not longer.