Home Prices Up Per Square Foot

The data from February of 2009 to February of 2010 shows the median home price in the North County San Diego area, per square foot, rose 11.5% for single family homes and 20.4% for condos.  The bulk of the sales in our market occured the “Spring Market” which is April through September.  Since September, we have not seen enough data to support an increase in prices.

We are about to hit the Spring Market again, and it will be something to watch.  With the Federal government changing the guidelines for FHA loans, which handle about 40% of our loans, they will not be propping up real estate loans.  Tax credits for homebuyers ($8,000 for first time buers, and $6,500 for return buyers) will disappear if you are not in escrow by the 30th of April.  The tax credits will probably play a small part in boosting the Spring Market. 

With all these variables, it will be intersting to see what the market will do this year…


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