The median price per square foot of existing homes sold in San Diego bounced a bit last month — by 1.1 percent, to be exact. But this is a smaller amount than the median had fallen the prior month. So prices by this measure have continued their late-2009 trend of bouncing along and going nowhere.
Looking back a full year, to put that in perspective, prices have definitely gone somewhere. This can be easily seen on the accompanying graph. Between February 2009 and February 2010, the median price per square foot rose 11.5 percent for single family homes, 20.4% for condos (which are much more volatile primarily due to a smaller data set), and 13.8 percent for a volume-weighted aggregate of the two property types.
The bulk of that rebound took place in the seasonally strong six-month period between April and September. Since then, prices have pretty much gone nowhere — a trend (such as it is) that continued last month. The seasonally strong period approaches again. But so does the date when the Fed will allegedly stop directly propping up the mortgage market. So we’ll just have to wait and see how that all works out.
— RICH TOSCANO