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In my story today I pointed out some numbers we got from MDA DataQuick with the sales totals for October in San Diego County.
Sales totals show that not only are prices falling, but there are more homes selling at the bottom than at the top. In October, 36 percent of resale homes sold for less than $300,000, according to MDA DataQuick. That’s six times more than the number of resale homes in that price range a year earlier.
The $300,000 to $500,000 range captured around 40 percent of the sales in both Octobers. Houses priced between $500,000 and $1 million dropped from 42 percent of sales in October 2007 to 19 percent last month. And while homes priced higher than $1 million constituted 11 percent of October 2007’s sales, such homes only counted for 5 percent of the sales last month.
Twice as many homes sold last month as sold in the same month a year ago (a 100 percent increase). Bear that in mind as you look at these pie charts. You might notice that the share of the sales in homes priced under $300,000 is colored orange. You can picture that as a big piece of pumpkin pie in honor of Thanksgiving, if you want. I’m probably going to.
Here are the pies, as baked by my colleague Sam Hodgson:
As always, if you have thoughts or story ideas to share on the housing market or any of these topics, send me an e-mail: kelly.bennett@voiceofsandiego.org.