Considering how many of my friends told me they were buying their McMansions “as their retirement fund”… yeah, that may be all they have left…
San Diego Home Prices Take Largest-Ever Dive
Prices Dip $15,000 Since April
SAN DIEGO — Housing prices in San Diego County took the largest-ever dive in May as the average price of a home fell $15,000 from the previous month, according to DataQuick Information Systems.
The median price of a home in May was down 5 percent from the record level of $518,000 it reached in November. Meanwhile, sales were down for the 23rd straight month; days on the market stood at two months, and inventories of unsold homes topped 19,800.
For newly built homes, condos and condo conversions, the median dropped from $495,000 in April to $424,000 in May, the second largest drop in that category since DataQuick began its record keeping in 1988.
University of San Diego economist Alan Gin said the sudden decline probably reflects builders’ discounts on asking prices and similar reductions at the many apartment complexes that have been converted to condominiums.
UPDATE:
Interestingly, I just checked last years posts, and I posted this about tulips on the same date last year.
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