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.
SAN DIEGO (News 8) - The USO San Diego welcomed back the Navy Band Southwest to its holiday musical extravaganza. They band hasn’t performed for the USO San Diego holiday concert since 2013.
During a rain event the San Diego Department of Environment Health recommends beachgoers to not enter the ocean or bay for 72 hours.
There is a building next to the San Diego airport that for the past decades has created Olympic magic.
U.S. authorities arrested 32 people at a demonstration Monday that was organized by a Quaker group on the border with Mexico, authorities said.
When farmers in Australia claimed their steer "Knickers" was the biggest in the world, an East County rancher gave News 8 a call.
A hairless bear that's called the Fund for Animals Wildlife Center in Ramona home for nearly a year will soon be moved to a new facility.
The newly elected San Diego City Council members from districts 2, 4 and 8, as well as re-elected District 6 City Councilman Chris Cate, were sworn in Monday.
Chef Christophe Rull created a huge display at Park Hyatt Aviara Resort - and was recently featured on Holiday Wars.
The U.S. this week will begin withdrawing many of the active duty troops sent to the border with Mexico by President Donald Trump just before the midterm election in response to a caravan of Central American migrants, U.S. officials said Monday.