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San Diego bests California in new home sales figures

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San Diego County new home sales and prices were strong in February compared to the rest of California, according to the California Building Industry Association/Hanley Wood Market Intelligence New Home Sales and Pricing Report.

While the state saw the median price of new detached homes dip to $352,990 in February from $386,000 the prior month, the San Diego/Carlsbad/San Marcos metro area had its median price hold steady at $531,945.

Year over year, the median price of a new home sold was up 11.8 percent.

The county also had its volume of new home sales rise 1.6 percent in February to 192 compared to January. The number of sales in February 2010 was 11.6 percent higher than February 2009.

San Diego was one of two metro areas surveyed that had sales and median price increases month to month as well as year over year. The other area was Santa Ana/Anaheim/Irvine.

The rest of the state did not fare as well.

The 1,938 new home sales statewide were up 2.8 percent from January. However, they were down nearly a quarter from February 2009.

Conversely, the median price of a new home sold was down 5.4 percent from January at $386,000, but up 3.5 percent from last year.

“The February numbers are a stark reminder that we are still wallowing at the bottom of this housing market cycle,” said Jonathan Dienhart, director of published research for HWMI. “The extended federal tax credit and new California tax credit may help spur some sales activity in March and April, but even so, it’s apparent we have a long road ahead before we can consider the market in true recovery.”

Send your comments to Jennifer.Lebron@sddt.com

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