List of San Diego zip codes home values that show a 5 Year High

Southern California home sales held at a seven-year high last month thanks to a stronger economy, pent-up demand, low mortgage rates and the widening perception that a home is a good investment. Prices continued to regain lost territory as buyers competed for a thin supply of homes for sale and poured a record amount of cash into the housing market, a real estate information service reported.

A total of 23,034 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was up 7.6 percent from 21,415 sales in April, and up 3.8 percent from 22,192 sales in May 2012, according to San Diego-based DataQuick.

Last month’s sales were the highest for the month of May since 30,303 Southland homes sold in May 2006, but they were still 10.1 percent below the May average of 25,617 sales since 1988, when DataQuick’s statistics begin. Over the last seven years Southland home sales have been below average for any particular month.

The median price paid for all new and resale houses and condos sold in the six-county Southland was $368,000 last month, up 3.1 percent from $357,000 in April and up 24.7 percent from $295,000 in May 2012. Last month’s median was the highest for any month since May 2008, when it was $370,000, and the year-over-year increase was the highest since the median rose 24.8 percent in October 2004.

The median has risen on a year-over-year basis for 14 consecutive months, with those annual gains ranging between 10.8 percent and 24.7 percent over the past 10 months. May’s median remained 27.1 percent below the peak $505,000 median in spring/summer 2007. The median fell $256,000 from that peak to its $249,000 trough in April 2009, and it is currently on pace to regain half of that peak-to-trough loss sometime this summer.

In a sign of widespread market confidence, Southern California home buyers are putting a record amount of their own skin in the real estate game. In May they paid a total of $4.65 billion out of their own pockets in the form of down payments or cash purchases, an all-time high. That was up from $4.57 billion in April, and up from $3.89 billion a year ago.

“We’re deep into uncharted territory: Amazingly low mortgage rates, a razor-thin inventory of homes for sale, and the release of years’ worth of pent-up demand. Plus there’s a seemingly endless stream of investors and non-investors who pay cash and thereby avoid the loan-qualification process. How this all plays out is educated guesswork at this point. Understandably, speculation continues over whether another housing bubble is forming,” said John Walsh, DataQuick president.

“History suggests that’s a tough call early on. What seems obvious is that if prices keep rising fast they’ll cause many more people to list their homes for sale, and that increase in supply should at least slow the rate of price appreciation,” he said.

It appears that most of last month’s 24.7 percent year-over-year gain in the Southland median sale price reflects rising home prices, while perhaps a quarter of it reflects a change in market mix.

In May, the lowest-cost third of the region’s housing stock saw a 23.4 percent year-over-year rise in the median price paid per square foot for resale houses. The annual gain was 19.2 percent for the middle third of the market and 16.8 percent for the top, most-expensive third.

Sales in the middle and upper price ranges continued to soar last month compared with a year ago, while activity fell sharply again in many affordable markets.

Home sales rose 30.3 percent year-over-year in the $300,000 to $800,000 price segment – a range that would include many move-up buyers. The number sold for $500,000 or more jumped 46.7 percent from one year earlier, while $800,000-plus sales increased 46.7 percent year-over-year.

In May, 31.3 percent of all Southland home sales were $500,000-plus – the highest level for any month since February 2008, when 34.2 percent of sales crossed the $500,000 threshold. Last month’s $500,000-plus level was up from 30.5 percent of sales in April and 21.9 percent a year earlier.

Last month the number of Southland homes sold below $200,000 dropped 35.1 percent year-over-year, while sales below $300,000 fell 27.1 percent.

The declines aren’t the result of weak demand. The main problem has been inadequate supply, given many owners can’t afford to sell their homes because they still owe more than they are worth, and because lenders aren’t foreclosing on as many properties.

Last month foreclosure resales – homes foreclosed on in the prior 12 months – accounted for 10.8 percent of the Southland resale market. That was down from 12.4 percent the month before and down from 26.9 percent a year earlier. Last month’s foreclosure resale rate was the lowest since it was 10.0 percent in August 2007. In the current cycle, foreclosure resales hit a high of 56.7 percent in February 2009.

Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 17.7 percent of Southland resales last month. That was the same as the month before and down from 24.3 percent a year earlier.

Absentee buyers – mostly investors and some second-home purchasers – bought 29.5 percent of the Southland homes sold last month. That was down from 30.6 percent in April and up from 27.5 percent a year earlier. The record was 32.4 percent in January this year, while the monthly average since 2000, when the absentee data begin, is 18.1 percent. Last month’s absentee buyers paid a median $292,000, up 29.8 percent from a year earlier.

After hitting a peak earlier this year, the share of homes flipped has edged slightly lower but remains higher than last year. In May, 5.9 percent of all Southland homes sold on the open market had previously sold in the prior six months, down from a flipping rate of 6.0 percent in April and up from 4.3 percent a year ago. (The figures exclude homes resold after being purchased at public foreclosure auction sales on the courthouse steps).

Buyers paying with cash accounted for 31.9 percent of last month’s home sales, compared with 34.4 percent the month before and 32.1 percent a year earlier. The peak was 36.9 percent this February, and since 1988 the monthly average is 16.1 percent. Cash buyers paid a median $305,000 last month, up 30.9 percent from a year ago.

Nearly 28 percent of the homes purchased with cash last month were priced $500,000 or above, compared with about 18 percent a year earlier. Also, of those who paid cash last month for $500,000-plus homes, 56 percent were owner-occupants and 44 percent were absentee buyers.

There was more evidence last month that credit conditions have improved.

Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 27.7 percent of last month’s Southland purchase lending – the highest since August 2007, when jumbos made up 36.7 percent of the market. Last month’s figure was up from 26.1 percent the prior month and 18.9 percent a year earlier. In the months leading up to the credit crunch that struck in August 2007, jumbos accounted for around 40 percent of the home loan market.

Last month 8.0 percent of Southland home purchase loans were adjustable-rate mortgages (ARMs), up from 7.9 percent the prior month and 6.6 percent a year earlier. May’s figure was the highest since ARMs were 8.5 percent of the purchase loan market in August 2011. Since 2000, a monthly average of about 32 percent of Southland purchase have been ARMs.

The most active lenders to Southern California home buyers last month were Wells Fargo with 8.1 percent of the purchase loan market, imortgage.com with 2.9 percent, and Bank of America with 2.5 percent.

Government-insured FHA loans, a popular low-down-payment choice among first-time buyers, accounted for 20.7 percent of all purchase mortgages last month. That was down from 21.8 percent the month before and 30.3 percent a year earlier. In recent months the FHA share has been the lowest since spring/summer 2008. The decline reflects tighter FHA qualifying standards implemented in recent years as well as the difficulties first-time buyers are having competing with investors and cash buyers.

DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

The typical monthly mortgage payment Southland buyers committed themselves to paying last month was $1,329, up from $1,275 the month before and up from $1,100 a year earlier. Adjusted for inflation, last month’s typical payment was 44.3 percent below the typical payment in the spring of 1989, the peak of the prior real estate cycle. It was 54.4 percent below the current cycle’s peak in July 2007.

Indicators of market distress continue to move in different directions. Foreclosure activity remains well below year-ago and far below peak levels. Financing with multiple mortgages is very low, and down payment sizes are stable, DataQuick reported.

  Sales Volume Median Price
All homes May-12 May-13 %Chng May-12 May-13 %Chng
Los Angeles 7,496 7,707 2.80% $315,000 $410,000 30.20%
Orange 3,279 3,648 11.30% $435,000 $540,000 24.10%
Riverside 3,972 3,855 -2.90% $205,000 $252,000 22.90%
San Bernardino 2,702 2,655 -1.70% $158,500 $203,000 28.10%
San Diego 3,750 4,236 13.00% $335,000 $406,500 21.30%
Ventura 993 933 -6.00% $360,000 $425,000 18.10%
SoCal 22,192 23,034 3.80% $295,000 $368,000 24.70%

Home Sales Recorded in May 2013

% Change is for the median price from the same month last year

    Resale New All Home Sales
    Single-Family Condominiums All Combined New All Combined
Place Zip Median % Chg Median % Chg Median % Chg Median % Chg
                   
Central San Diego   $495,000 23.8% $325,000 22.6% $705,000 121.4% $415,000 21.3%
Allied Gardens, Del Cerro 92120 $495,500 13.9% $202,500 46.5% n/a n/a $392,500 -2.6%
City Heights 92105 $265,000 45.2% $160,000 56.9% $276,000 -0.4% $253,000 42.5%
Clairemont 92117 $465,250 24.7% $245,000 40.0% n/a n/a $450,000 30.8%
College 92115 $402,500 12.7% $151,500 30.6% $250,000 -44.7% $339,500 19.1%
Coronado 92118 $1,500,000 1.0% $776,250 -22.0% $463,000 n/a $995,000 -23.5%
Downtown 92101 n/a n/a $483,046 16.4% $674,500 270.1% $492,000 31.2%
Encanto 92114 $285,000 32.6% $170,000 6.3% $365,000 35.2% $285,000 32.6%
Golden Hill 92102 $302,500 49.4% $162,500 2.8% $730,000 93.9% $250,000 28.2%
Hillcrest, Mission Hills 92103 $755,000 5.4% $402,000 25.2% $524,000 -39.5% $540,000 46.9%
Kensington, Normal Hts 92116 $480,000 15.7% $250,000 63.9% n/a n/a $337,500 17.0%
La Jolla 92037 $1,500,500 15.5% $460,000 -3.1% $773,500 -15.0% $972,500 13.1%
Linda Vista 92111 $460,000 21.1% $270,000 -10.2% n/a n/a $415,000 23.6%
Logan Hts 92113 $190,000 -5.0% $184,000 159.2% n/a n/a $190,000 -5.0%
Mira Mesa 92126 $443,000 25.5% $270,500 37.0% $385,000 3.4% $384,250 23.8%
Mission Bch, Pacific Bch 92109 $763,000 -4.5% $510,000 66.1% $1,275,000 n/a $645,000 41.0%
Mission Valley 92108 n/a n/a $248,500 34.3% n/a n/a $248,500 32.5%
Morena 92110 $552,500 3.3% $200,500 -30.3% n/a n/a $350,000 -18.8%
North Park 92104 $545,000 25.0% $270,000 22.7% $255,000 -53.2% $384,000 5.2%
Ocean Beach 92107 $849,000 31.1% $385,250 10.1% n/a n/a $588,500 12.6%
Paradise Hills 92139 $280,000 12.0% $160,000 33.3% $360,000 12.5% $240,000 2.1%
Point Loma 92106 $813,500 25.2% $443,000 33.4% $680,000 n/a $751,500 28.6%
San Carlos 92119 $450,000 12.5% $217,000 29.2% $350,000 n/a $386,000 -0.4%
Scripps Rch 92131 $701,500 4.4% $380,000 37.2% $941,000 19.1% $665,000 12.0%
Serra Mesa 92123 $445,000 20.3% $170,000 -37.5% n/a n/a $412,000 14.5%
Sorrento Val. 92121 $870,250 29.5% $370,000 5.9% $814,000 n/a $425,000 -30.3%
Tierrasanta 92124 $545,000 11.6% $321,500 29.4% $594,000 52.3% $420,000 -2.2%
University Cty 92122 $681,500 12.6% $289,500 13.5% $810,000 n/a $547,250 39.1%
                   
East County   $360,000 19.1% $177,500 27.7% $420,000 47.1% $341,500 19.3%
Alpine     91901 $515,000 32.1% $175,000 -10.3% n/a n/a $507,500 36.2%
Boulevard 91905 n/a n/a n/a n/a n/a n/a n/a n/a
Campo 91906 $160,000 8.5% n/a n/a n/a n/a $160,000 8.5%
Descanso 91916 $200,000 -47.1% n/a n/a n/a n/a $200,000 -47.1%
El Cajon 92019 $402,500 1.9% $183,500 11.9% $287,500 2.7% $325,000 -8.5%
El Cajon 92020 $365,000 27.2% $141,000 34.3% n/a n/a $340,000 41.4%
El Cajon 92021 $350,000 16.7% $145,750 32.5% $235,500 n/a $330,000 26.9%
Jacumba 91934 $50,500 n/a n/a n/a n/a n/a $50,500 n/a
Jamul 91935 $444,500 4.8% n/a n/a n/a n/a $444,500 4.8%
La Mesa, Mt. Helix 91941 $452,500 19.1% $202,500 52.0% $590,000 18.0% $450,000 20.2%
La Mesa, Grossmont 91942 $401,750 16.8% $210,000 30.8% $242,500 73.8% $379,500 40.6%
Lakeside 92040 $340,000 11.5% $131,500 49.4% $402,000 n/a $333,000 18.9%
Lemon Grove 91945 $285,000 14.0% $124,000 23.4% $420,000 78.7% $275,000 11.1%
Pine Valley 91962 $345,000 97.1% $29,000 n/a n/a n/a $187,000 6.9%
Rancho San Diego 91978 $365,250 7.3% $200,000 41.8% $440,000 n/a $325,000 1.6%
Santee 92071 $366,000 21.5% $279,000 41.3% $682,000 64.5% $362,250 21.2%
Spring Valley 91977 $311,000 16.9% $126,000 14.5% $239,000 0.4% $300,000 20.0%
                   
North County Inland   $464,500 25.5% $290,500 31.2% $495,000 -8.3% $429,500 22.7%
Bonsall    92003 $490,000 -2.0% $125,000 -27.3% $696,000 n/a $419,000 24.7%
Borrego Spr. 92004 $138,500 46.2% $161,000 78.9% $182,500 n/a $147,000 63.3%
Escondido S 92025 $409,500 33.1% $260,000 22.1% $452,500 74.0% $330,000 13.6%
Escondido N 92026 $386,500 20.8% $85,000 -26.7% $500,000 39.9% $381,500 23.9%
Escondido E 92027 $356,500 29.6% $124,500 7.5% $507,500 63.7% $350,000 35.1%
Escondido W 92029 $600,500 19.5% n/a n/a $571,500 -17.7% $600,000 16.5%
Fallbrook 92028 $400,500 26.5% $172,750 41.0% $604,000 4.0% $401,500 26.9%
Julian 92036 $205,000 -27.9% n/a n/a n/a n/a $205,000 -27.9%
Palomar Mtn 92060 n/a n/a n/a n/a n/a n/a n/a n/a
Pauma Valley 92061 $632,500 153.0% $240,000 3.2% n/a n/a $590,000 144.6%
Penasquitos 92129 $629,500 14.5% $231,000 24.9% $815,500 20.8% $620,000 25.8%
Poway 92064 $624,500 27.2% $336,000 22.7% $757,500 121.0% $602,000 30.2%
Ramona 92065 $352,500 20.7% $127,000 n/a n/a n/a $337,500 15.6%
Rancho Bernardo W 92127 $815,000 25.4% $341,000 37.1% $930,500 33.7% $690,000 19.1%
Rancho Bernardo E 92128 $600,000 25.0% $319,500 32.8% $430,000 n/a $431,000 26.8%
Rancho Santa Fe 92067 $2,225,000 -6.3% n/a n/a n/a n/a $2,225,000 -5.3%
Rancho Santa Fe post office 92091 $1,550,000 -13.9% n/a n/a n/a n/a $1,550,000 -13.9%
San Marcos N 92069 $395,000 9.6% $125,000 -26.5% $494,500 12.3% $387,000 10.4%
San Marcos S 92078 $585,000 25.1% $327,500 31.5% $420,000 -4.6% $425,000 12.4%
Santa Ysabel 92070 n/a n/a n/a n/a n/a n/a n/a n/a
Valley Center 92082 $427,000 6.5% n/a n/a $175,000 n/a $425,000 6.0%
Vista S 92081 $417,500 27.7% $360,000 n/a n/a n/a $390,000 18.9%
Vista W 92083 $342,500 32.2% $240,000 100.0% $367,000 2.9% $342,500 34.4%
Vista E 92084 $414,500 37.0% $151,500 13.9% $461,000 n/a $410,000 36.7%
Warner Spr 92086 $125,000 -46.2% n/a n/a n/a n/a $125,000 -28.6%
                   
North County Coast   $615,000 20.6% $411,500 25.1% $676,250 28.6% $545,000 21.1%
Cardiff 92007 $1,100,000 49.9% $487,250 8.3% n/a n/a $1,035,000 48.5%
Carlsbad  NW 92008 $670,750 29.3% $599,000 19.8% $1,500,000 n/a $675,000 35.0%
Carlsbad  SE 92009 $760,000 5.7% $362,000 17.7% $863,750 61.6% $677,545 19.8%
Carlsbad  NE 92010 $522,500 2.0% $280,000 8.2% $733,750 27.4% $525,000 7.4%
Carlsbad  SW 92011 $798,750 26.9% $510,000 -4.0% $507,500 n/a $739,000 22.6%
Carmel Valley 92130 $1,065,000 25.7% $492,250 6.9% $728,500 8.7% $870,000 20.0%
Del Mar 92014 $1,525,000 38.6% $680,000 -3.2% n/a n/a $1,212,500 20.0%
Encinitas 92024 $740,000 2.1% $515,000 60.9% $1,192,500 6.6% $692,500 9.5%
Oceanside S 92054 $410,000 29.3% $389,000 42.7% $1,042,500 434.6% $410,000 33.6%
Oceanside E 92056 $370,000 15.8% $200,000 25.0% $556,500 n/a $365,000 17.7%
Oceanside N 92057 $355,000 9.2% $206,000 3.5% $517,000 28.4% $365,000 12.3%
Oceanside (Central) 92058 $380,000 38.2% $195,000 39.3% n/a n/a $315,000 36.1%
Solana Beach 92075 $1,355,000 57.6% $652,500 61.5% $1,114,500 29.6% $1,050,000 51.7%
                   
South County   $383,250 19.6% $235,000 32.8% $331,000 -16.6% $335,000 19.9%
Bonita     91902 $569,000 35.2% $307,500 n/a n/a n/a $565,000 34.2%
Chula Vista N 91910 $355,000 3.6% $253,000 57.6% $456,250 53.4% $323,000 4.2%
Chula Vista S 91911 $365,000 41.5% $170,500 24.0% $359,500 16.3% $335,000 37.7%
Chula Vista – E. Lake – Otay Ranch 91913 $435,000 19.5% $200,500 15.9% $310,000 -24.2% $345,000 1.5%
Chula Vista NE 91914 $608,000 38.7% $261,000 11.1% $713,000 31.9% $557,000 34.7%
Chula Vista SE 91915 $462,000 17.9% $303,500 35.2% $301,500 -27.3% $365,000 19.7%
Imperial Beach 91932 $290,000 6.4% $208,000 71.9% $336,500 110.3% $255,000 12.0%
National City 91950 $260,000 44.0% $255,000 68.3% $390,000 21.9% $275,000 44.7%
Nestor 92154 $325,000 24.8% $210,000 59.1% $320,000 -2.6% $310,000 25.0%
San Ysidro 92173 $310,000 6.9% $84,750 -12.2% n/a n/a $109,000 0.9

 

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