Fannie Mae Concerned About San Diego County Real Estate
Inventories have surged in San Diego and the surrounding areas and home price gains have peaked and are perhaps falling down. That’s the opinion of Fannie Mae as they turn their attention to the San Diego County market.
Fannie Mae defines San Diego county as one region that is experiencing low affordability after a rapid and unsustainable rise in home prices. With the strong presence of investors influencing price fluctuations, Fannie Mae is watching this particular market with ” some trepidation”. The condo market specifically is being viewed with some concern as the supply has gone up dramatically in the past few months.
In June, San Diego County experienced its first year-over-year price decline in ten years. It was the 24th consecutive month of year-over-year declines in sales. It was also reported that the county’s median home price slid to $488,000, down 1% from June 2005 and down 6% from last November’s peak of $518,000.