Dataquick’s April report was released yesterday, and it showed a now-modest 8.7% year-over-year increase in the San Diego County median sales price:
“The housing market’s pulse quickened a bit in April. If the inventory grows more, which we consider likely, it’s going to make it a lot easier for sales to reach at least an average level, which we haven’t seen in more than seven years. There are certainly factors undermining housing demand, including affordability constraints, credit challenges and less investment activity. But there are considerable forces fueling demand, too: Employment is rising, families are growing, and more people can qualify to buy again after losing a home to foreclosure or a short sale over the past eight years,” said Andrew LePage, a DataQuick analyst.
At least he mixed in a few of the positives with the typical negative reasons.
The median price is easily skewed just by the lack of cheaper homes for sale. Today there are 2,551 homes listed for sale under the $435,000 median sales price, and 4,638 listed over $435,000. The average list price in San Diego County today is $1,018,616!
The April sales were a result of decisions made in January through March. When breaking down today’s numbers, sellers should be less optimistic. The number of homes not selling has risen 10% in the last month, and asking prices have stalled in the last five weeks:
Data released over the next few months should better reflect a flat pricing trend, at least in San Diego County – let’s just hope it isn’t a flat spin. The lazy reporting could catch people off guard – epsecially sellers who loiter into the summer months before sharpening their pencil.