24 Mar San Diego real estate improves in February
Real estate in San Diego showed strong signs of steady improvement in February.
Last month, the median home price of homes for sale in San Diego was $410,000, up from $405,000 in January and 14.2 percent higher than the median price of $359,000 one year ago, according to research from real estate tracking firm DataQuick.
There were some bright spots: The median price of single-family homes for sale in La Jolla in February 2014 was $1.75 million – a 5.1 percent increase from the month before. There were approximately 46 homes for sale in La Jolla in February with a median price of $1.09 million, down 9.1 percent from the previous month.
Mixed results for homes for sale in San Diego County
Despite higher values of real estate in San Diego, challenges remain.
There were 2,541 real estate transactions in the San Diego County in February. That’s an increase from the 2,338 reported in January, but an 8.6 percent drop from the 2,779 reported in February 2013.
Housing market in San Diego still good
The overall outlook is rosy for real estate in San Diego. The economy is growing, and there are more jobs. Interest rates are ticking up (rates on a 30-year fixed mortgage rose to a high of 4.37 percent in February) and housing inventory is increasing –a normal trend during the spring/summer months.
February’s numbers marked the fewest transactions in a February since 2011. Overall, though, the real estate market in San Diego is still quite active. Last month, the San Diego Association of Realtors reported 6,099 active listings, up from 4,235 a year earlier. And home values in Los Angeles and Orange counties were up 21.7 percent and 18.9 percent, respectively.
In 2013, home values in San Diego rose 18% — placing the number five spot on a 20-city index list, according to the S&P/Case-Shiller Home Price Index. Last year’s home values were the best since 2004, when they rose 26.6 percent. In 2013, annual gains peaked at 21.5 percent in August.