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Local housing prices are on the rise

SAN DIEGO – Housing prices are on the climb in the San Diego region, another indication of an improving local economy.

The Greater San Diego Association of Realtors (SDAR) released the September 2012 housing statistics today, compiled from the Multiple Listing Service (MLS), and the fresh statistics show prices across San Diego County are climbing.

In September, the median price of a single-family home in the county surpassed the $400,000 level, up over 3% from August, and over 12% from September 2011.

Condos and townhomes saw no change in September from the previous month, but were up 14% from the same month last year. Overall, median prices so far this year are up over 3.5% compared to last year.

The new data shows sold listings dropped in September from their highest point in August. Sales of single-family resale homes (detached properties) fell 16%, and condos/townhomes (attached properties) declined by over 18%. However, compared to September of 2011, sales are up about 10%.

“I’m very optimistic about our local housing trends and what these fresh statistics indicate,” SDAR president Donna Sanfilippo said. “We still have more work to do to convince anxious sellers and buyers that there may never be a better time to move up to the home they’re dreaming about, or to buy their first home, but the local real estate market is clearly headed in the right direction.”

Check this link later Friday for SDAR’s complete statistical analysis. In the meantime, here are some highlights of the latest housing statistics in San Diego County:

MEDIAN SALES PRICE Comparing September 2012 to August 2012 (previous month)
• Single-Family: 3.3% INCREASE
September 2012 = $405,000 August 2012 = $392,250
• Condos/Townhomes = UNCHANGED
September 2012 = $240,000 August 2012 = $240,000

MEDIAN SALES PRICE Comparing September 2012 to September 2011 (previous year)
• Single-Family: 12.5% INCREASE
September 2012 = $405,000 September 2011 = $360,000
• Condos/Townhomes: 14.3% INCREASE
September 2012 = $240,000 September 2011 = $210,000

TOTAL SOLD LISTINGS Comparing September 2012 to August 2012 (previous month)
• Single-Family: 16.1% DECREASE
September 2012 = 1,888 August 2012 = 2,250
• Condos/Townhomes: 18.5% DECREASE
September 2012 = 829 August 2012 = 1,017

TOTAL SOLD LISTINGS Comparing September 2012 to September 2011 (previous year)
• Single-family: 9.6% INCREASE
September 2012 = 1,888 September 2011 = 1,722
• Condos/Townhomes: 4.4% INCREASE
September 2012 = 829 September 2011 = 794