From the U-T:

Housing was slightly more affordable for first-time buyers in San Diego County in the opening months of 2010, as interest rates remained low and prices stayed relatively flat.

The California Association of Realtors said first-time-homebuyer affordability rose to 58 percent in the first quarter, heading toward the record 60 percent set in the first quarter of 2009. It was the third straight quarter-to-quarter increase and paralleled a similar climb statewide.

The number is based on how many households have the income to afford an entry-level, single-family resale home — defined as 85 percent of the realty group’s median price for all homes in a given area, a 10 percent down payment and an adjustable-rate mortgage at 4.3 percent.

For San Diego, the realty group said the entry-level price in the first quarter was $322,120, the qualifying income $54,330 and the monthly payment $1,810. The 58 percent affordability rate was up from 57 percent in the fourth quarter of last year and 56 percent in the third quarter.


There was no mention or explanation of the higher-end markets, like North SD County Coastal, where there were 204 detached sales over the last 30 days.  The median sales price was $770,000, and the average sales price was $1,039,327 (avg. $365/sf). 

Over the same period last year there were 172 sales, with a median SP of $726,500, and average SP of $1,001,878 (avg. $370/sf).

In the last 12 months there have been 2,172 detached sales in North SD County Coastal, with an average sales price of $1,017,352 (avg. $358/sf).  What a run!

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