LA JOLLA (CNS) - Home sales in San Diego County fell 25.1 percent in October, compared to the same month a year ago, while prices increased 2.9 percent during the same period, a real estate information service reported Tuesday.
A total of 2,750 homes changed hands locally last month, compared to 3,671 in October 2009, according to La Jolla-based MDA DataQuick. The median price of a home in San Diego County in October was $334,500, up from $325,000 in October 2009.
A total of 16,744 new and resale houses and condos sold in the six-county Southern California region - Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties - in October, according to DataQuick. That was down 7.4 percent from 18,091 in September, and down 24.3 percent from 22,132 in October 2009.
October's home-sale figures were at their lowest level in three years.
"In addition to a lousy economy, the housing market still has a couple of nasty bottlenecks it has to contend with," said John Walsh, MDA DataQuick president. "First, sales of newly built homes are at a low, mostly because builders can't build at a low enough price to compete with the inventory of
resale homes, many of which are short sales or foreclosures.
"Also, lenders still haven't opened the mortgage money spigot for buying move-up and prestige properties," he said. "These properties have come down in value by about half as much as entry-level homes. But trying to finance a higher-end purchase can be a real grind, even for well-qualified buyers with a 20 percent down-payment."
The median price for a Southern California home was $283,000 last month, down 4.2 percent from $295,500 in September, and up 1.1 percent from $280,000 in October 2009, according to DataQuick.
A man arrested on suspicion of committing a murder in Imperial Beach earlier this week remained jailed Saturday.
Spencer Abbott had two goals and two assists after missing two games and Eric Fehr scored twice in his debut with the San Diego Gulls in an 8-3 victory over the Tucson Roadrunners Friday night.
A sea of pink will travel through San Diego starting Friday for the Susan G. Komen San Diego 3-Day. The 60 mile journey kicks off early Friday morning and ends Sunday evening at the final destination – the celebratory Closing Ceremony.
On Friday, a fourth woman came forward with disturbing allegations of sexual assault by a San Diego County Sheriff’s Deputy.
Malcolm Young, the rhythm guitarist and guiding force behind the bawdy hard rock band AC/DC who helped create such head-banging anthems as "Highway to Hell," ''Hell's Bells" and "Back in Black," has died.
One person was killed Friday in a crash involving a motorcycle on northbound Interstate 5 in Carlsbad.
Covet Canyon, a paramilitary training camp in the East County, is in financial trouble after the owner defaulted on property payments. Owner Marc Halcon has 90 days to make good on the debt or the 160 acre property could fall into foreclosure and auction.
Angry Poway Unified School District parents on Friday packed the sidewalk calling for a local teacher to be fired after sending inappropriate text messages to a teenage student.
The unemployment rate in San Diego County dropped to 3.7 percent last month from 4.1 percent in September, according to state figures released Friday.
Black Friday is a week away, but many retailers are now making you wait. This year, companies are offering discounts the entire week leading into Black Friday. News 8's Eric Kahnert reports on some of the goods you can get during Black Friday "week."