If this isn't "Horrible Territory" I wonder what is? 'Cause that's reallllly gonna be bad..
In San Diego County, the median price for newly built homes in February was $468,500, reported DataQuick Information Systems. In December, the median for newly built homes in the county set a record of $539,500.
As for potential buyer traffic visiting local housing tracts, the numbers were down 23.5 percent to 15,487, according to Hanley's report for the week ended Feb. 26. There were 99 sales cancellations that week out of 306 transactions, a 32.4 percent rate. The normal rate is about 20 percent.
“I don't see it being in horrible territory,” she said. “It's something I'm watching. Any builder should.”
To combat the market's apparent lethargy, owners have cut prices and builders have begun offering extra upgrades and financing incentives.
Centex Homes reduced prices late last year by 20 percent – $100,000 off the $500,000 models – at its 65-unit Element project in downtown San Diego at 15th and Market streets.
March 26, 2006
San Diego: $100,000 off sales, 32% cancel rate, 7 month supply, median price down $71,000, not "horrible territory" yet. Yet.
Posted by blogger at 3/26/2006