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No Spring Rally Just Yet


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Despite the seasonal tendency for home prices to rise in the spring, San Diego resale prices fell again last month. At least, that is, according to the size-adjusted median price, which is the more timely but less accurate price indicator that we cover here at the Nerd's Eye View.

Between March and April, the size-adjusted median resale price fell 3.3 percent for single family homes, .3 percent for condos, and 2.3 percent for a volume-weighted aggregate of the two.

From the peak of the series in September 2005, the size-adjusted median price has fallen 27.6 percent for single family homes, 28.5 percent for condos, and 28.0 percent overall.

Keep in mind that these countywide figures lump together multiple areas that are actually holding up quite differently. Some markets are doing a lot better than the graph to the right would indicate -- and some a lot worse.

The most recent release of the three-tiered Case-Shiller index helps to show this disparity, but there is a lot of variation even within the three price tiers. I discussed the nature of the regional differences in more detail last month.

-- RICH TOSCANO

Rich Toscano is a financial advisor with Pacific Capital Associates*;
he also writes about San Diego real estate at Piggington's Econo-Almanac. Contact him at rtoscano@pcasd.com.

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*Investment advisory services and securities offered through Girard Securities, Inc., member SIPC/FINRA.

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