Ocean Beach real estate market update
The Ocean Beach real estate market, a generally upscale residential section of the larger San Diego County housing market, finally saw a decrease in the median price of a property in the most recent tracking period. Despite the fall in the average price of an Ocean Beach home for sale, the local economy should not face a so-called double dip recession. According to an August 27, 2010 article from the San Diego Union Tribune, "Even with the horrific housing downturn, we here in San Diego are still pretty cocky about how our housing prices (typically) appreciate more quickly than, say, Dubuque, Iowa. Sure, we have our busts but we have our booms, too. Plus — the argument goes — we have one of the most desirable locales in the country with very little buildable land so our prices should outpace those less-glamorous areas. But despite all that, San Diego doesn’t hold a candle to Dubuque, Springfield, Ill. or Buffalo, N.Y. when it comes to rising home prices, at least according to a recent report by the Federal Housing Finance Agency . The agency, which oversees Freddie Mac and Fannie Mae, tracks home sales price information by looking at mortgages — both sales and refinances — acquired through those lenders...San Diego, by way of comparison, ranked 50th of the 303 areas surveyed with a decrease in home prices of -1.05 percent."
One local economist noted in the Union-Tribune that a double-dip recession is unlikely this year, siding with a majority of economists in the region. The interview noted that "The momentum for recovery is stalling. A “double dip” is not some type of special event. It is the loose statistical concept defined as the slowdown of GDP (gross domestic product) to negative after a quarter or two of positive growth —a recession followed by a short-lived recovery, followed by another recession. It takes the shape of a W. The pace of the recovery is slow, whatever you call it! The key problem is that the unemployment rate is stubbornly high...In contrast, San Diego is likely to prove out as a model of regional economic transition, because this is a technology hub (informational, Pharma[ceuticals] and software), as well as the presence of our military bases. We will fare far better, in terms of the pace of recovery and our long term sustenance, than most regions in the nation."
Search San Diego MLS listings and get daily email alerts of new listings.
