The Union Tribune has this important news. "San Diego County resale house prices tumbled last month by the biggest number in 18 years of record-keeping and contributed to the smallest year-to-year rise in overall prices in six years, DataQuick reported Monday. The median resale price for existing single-family homes dropped $15,000 from November to December to stand at $550,000, the largest month-to-month decline since DataQuick began keeping records in 1988."
"Last year was the first time since 2001 that the number of home sales fell from the previous year. The total sold last year was 55,366, down 9.1 percent from 2004's 60,886. This also was not a surprise, since monthly sales reports from DataQuick have showed a decline in activity on a year-over-year basis for 18 straight months."
"The total number of listings has been growing, reaching a peak of just over 15,000 listings in November, about five times more than at the peak of the buying frenzy in spring 2004. Consequently, sellers report few if any bidding wars for their properties, and buyers say they have more time to consider their choices."
San Diego is farther along the bubble curve then most other bubble markets. San Diego is a leading indicator as to what is likely to happen in other bubble markets.
Monday, January 16, 2006
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