After four years of decline, the median price for housing in San Diego rose in December. This rise suggests that the bottom of the market has been reached and that the market is now stabilizing. Sales are rising, inventories are lower, interest rates are still very attractive, and buyer interest is growing.

DataQuick reported that the median price rose $5000 to $330,000 after remaining unchanged for four months at $325,000.  It is up 10% from December, 2008’s median of $300,000.

Local economists say that the market is in a period of adjustment and it is unlikely the prices will climb very quickly. They say that it may take a year or more to sort out what has happened.

Another sign of stability was found in the cost per square foot of homes that have been sold. This helps eliminate the differences in homes of a different size, age, and location. Also, higher priced homes are representing an increasingly larger share of the market.

This entry was posted on Tuesday, January 19th, 2010 at 9:15 pm and is filed under My Real Estate Blog. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.