The median price per square foot of home sold in San Diego dropped in October. Single-family home prices declined .8 percent by this measure, while condos (whose median is always more volatile due to the lower number of condo sales) dropped 3.3 percent. Combining the two property types, the median price per square foot was down 1.6 percent.
This continues the general downward drift experienced by home prices since the stimulus-driven sales frenzy in early 2010.
The price decline was foreshadowed by the recent increase in the number of months’ worth of housing inventory for sale. In the next entry we’ll look at how supply and demand stacked up in October.
Please contact Rich Toscano at rtoscano@pcasd.com and follow him on Twitter at http://twitter.com/richtoscano.