Home Prices Up In November

After dropping five months in a row, the median price for re-sale single-family homes in San Diego County rose 0.9% to $555,000 from October. Year-over-year, the median price is down 7.2%. This is five months in a row the median price has been lower than the year before.

The average price for homes gained 3.1% to $702,982, month-over-month, while losing 3% compared to last year.

Home sales reversed course again in November, dropping 11.8% from October. Year-over-year, sales were down 25.7%.

Year-to-date home sales are off 26.5%, while condo sales are off 29.6%.

The median price for condos fell 5.4% to $349,900, month-over-month, off 10.7% compared to last November. The average price fell 6.1% to $411,435, off 9.6% year-over-year. Condo sales fell 5.5% from October and were off 24.9% compared to last year.

The sales price to list price for single-family homes fell 0.1 of a point to 95.1%. The ratio for condos rose 0.1 of a point to 96%.

My advice? For buyers, mortgage rates have dropped to their lowest level of the year. The latest Anderson School forecast calls for the market to be slow for the next year and then turnaround the end of 2007. This could be a good time to buy, but, you need to make offers to find out the seller's bottom line.

For sellers, prices are soft. If you really want to sell now, you have to entice some offers and then be willing to negotiate.

The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or for an evaluation of your home's worth, call me.