Home prices in San Diego continued their very slow decline this month, dropping another 2.1% in October. The Case-Shiller Home Price Index said home prices dipped for the fifth consecutive month.
Home prices in San Diego continued their very slow decline this month, dropping another 2.1% in October. TheGone are the days of 30 bids raising a home’s prices overnight.
“That market is done. It’s completely dead,” declared Miguel Contreras of Reign West Collective. “If you’re a seller, you have to get that out of your mind.” Contreras, a real estate consultant, watched the median home prices drop more than $30,000 since June and once again sees homes sitting on the market for weeks. He blamed higher mortgage rates and fewer buyers willing to pay those rates.Sign up for NBC San Diego newsletters.
“We’ve been expecting this price reduction or price decrease in the market for some time now,” said Contreras. “The question I get often is, ‘Should I buy? Should I sell?’ and my response is always, ‘It depends. It depends on your situation.’”“We are in that space,” he smiled. “It’s both a buyer’s and a seller’s market.”
Norge Siste Nytt, Norge Overskrifter
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