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San Diego home prices declined in November, at least as measured by the median price per square foot, which was down 2.5 percent for detached homes, .3 percent for condos, and 1.9 percent in aggregate. 

This tacks on a couple percent further decline on the new inflation-adjusted low that home prices hit in September. 

Sales held up reasonably well.  They declined, but by less than has been typical in recent Novembers.  Sales were down 3.4 percent for the month but were up 10.1 percent from a year prior.

Inventory declined by 4.7 percent for the month and 13.6 percent year-to-year:

The number of months’ worth of inventory declined to 5.1 months, down 3.9 percent for the month and 20.3 percent from a year ago:

This is a level of inventory that isn’t typically associated with declining prices — even less so, one would think, when mortgage rates have recently dropped to all-time lows.  But the housing market has unfavorable seasonality, our old friend shadow inventory, and general economic non-peppiness to contend with.  For now, the negative factors seem to be slightly outweighing the positive.

Rich Toscano is a financial advisor with Pacific Capital Associates*.  He can be contacted at rtoscano@pcasd.com.

Rich Toscano

Rich Toscano has been observing the housing market for Voice of San Diego, with the occasional prolonged absence, since 2006. Follow him on Twitter at...

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