San Diego foreclosed homes for sale slightly declined in number in the July to September quarter, based on a nationwide foreclosure report for major metro areas. Home sales, however, increased as first time buyers and investors competed to buy foreclosures.
In the San Diego, San Marcos and Carlsbad area, more than 18,500 were notified of defaults or foreclosures, representing 1.6 percent of all residential units in the area. The defaults and foreclosures marked a five-percent drop from filings in August, but still marked more than 7 percent of increase from filings during the same period in 2008.
Meanwhile, according to a La Jolla-based property research firm, home sales in September increased by 2.6 percent, compared to September last year. Nearly 3,500 houses were sold, up from a little over 3,300 units sold in September 2008.
The median home sales price slightly dropped, falling from $328,000 in September last year to $325,000 in September. This could have enticed more prospective home buyers to make their home purchases.
Across Southern California, home sales also increased, with 21,539 houses sold, marking an increase from 21,502 units sold in August and from 20,497 sold in September last year.
Additionally, an online home and foreclosure sales tracking service reported that San Diego foreclosed homes for sale still make up a big portion of houses for sale in the metro area despite the slight decline in foreclosure filings. It reported that nearly 9,000 foreclosed residential units are available for sale in Multiple Listing Services. This report however said that home prices are rising in the area, with the average price reaching $388,575.
The San Diego housing sector, according to this online firm, consists of nearly 320,000 residential properties, 47 percent of which are occupied by homeowners, 48 percent are occupied by renters and about 4 percent are vacant.
According to the La Jolla real estate research firm, house prices throughout the Southern California region, which includes the counties of San Diego, Ventura, Los Angeles, Orange and San Bernardino, dropped by nearly 11 percent to $275,000 from the September 2008 price of $308,500.
One San Diego housing market where home prices dropped significantly in September was Mission Beach, where prices fell by more than 22 percent compared to prices last year.
Start your Search for:
