Areas in San Diego with the biggest increase in attached and detached homes sales have had some of the largest price drops when comparing July 2008 to the same month last year, following a national trend of increased sales after falling prices.
Nine out of the top 10 ZIP codes with the most detached home sales since January have seen median prices fall 16 percent (the 91913 ZIP code in Chula Vista that is home to the EastLake community) to 44.7 percent (the 92114 ZIP code in Encanto). The exception being Carmel Valley, where median detached home prices were up .9 percent year over year.
The average median price in the areas with the most detached home sales fell 25.7 percent in the past year compared to the 29.7 percent drop when examining all detached homes sold in San Diego County.
This matches with national trends seen in the National Association of Realtor’s latest survey.
“The biggest home-sales gains over the previous quarter have been in some of the markets with the steepest and fastest price drops,” NAR Chief Economist Lawrence Yun said in the survey. “Buyers in these areas are responding to deeply discounted home prices.”
Compared with the first quarter, existing-home sales increased 25.8 percent in California, 25.0 percent in Nevada, 20.5 percent in Arizona and 10.1 percent in Florida -- some of the areas hardest-hit by foreclosures.
Sales of detached homes in Otay Mesa, for example, more than quadrupled when looking at July 2007 compared to this year, and the total number of sales has doubled for the year-to-date sales. With 45 detached homes sold last month, it had the seventh-most sales of any ZIP code. However, the median price of a detached home has fallen more than $162,000 -- a 32.8 percent decrease.
Currently on Realtor.com, there are 483 detached or attached homes for sale in Otay Mesa’s 92154 ZIP code and 1,295 properties that have received a notice of default, notice of trustee sale or are bank or government owned. Trulia.com lists 1,176 foreclosures and homes being sold by their owners.
The 10 ZIP codes with the most attached home sales maintained their prices better, losing an average of 16.8 percent in value when comparing median prices from July 2007 to July 2008. The median price for all attached homes sold in San Diego in July 2008 was down more than 30 percent compared to last year.
The homes sold in the top 10 selling ZIP codes make up 32.8 percent and 26.7 percent of all attached and detached homes sold in San Diego County, respectively.
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