The Oceanside real estate market, part of the generally stable San Diego County housing market, saw a decrease in new home sales as well as a dip in median sales price. According to the San Diego Union Tribune, the nation as a whole saw a slightly higher number of new home sales while the San Diego region saw a slight decline. The Commerce Department reported that there were a total of 290,000 new home sales throughout the United States, an increase of about 15,000 from year-ago levels. Figures provided by MDA DataQuick, a real estate information service, indicated that there were a total of 259 new home sales in San Diego County, a decrease of about ten properties from October 2010 and a decline of more than one hundred properties from November 2009. New home sales have been struggling partially because of the easy availability of low cost “San Diego short sales,” which are often available for substantially less than market value. Hopefully, the improving economy will result in higher rates of home sales moving into the New Year. Specifically, the creation of new jobs in the upcoming months may result in the construction of additional properties near places of employment. However, some experts have suggested that the shortage of residential lots in the San Diego area will preclude the construction of additional homes.
In addition to a decrease in sales volume, Oceanside homes were purchased for a lower median price along with the rest of San Diego County properties. According to the nationwide Standard & Poor’s/Case-Shiller Index, the month of October brought a decline for San Diego home prices for the first time in more than a year. Although the national dip in median sales prices has led to fears of a nationwide double dip in the real estate market, local experts generally agree that the local market will not face a similar problem. While the month-to-month figures declined for the area, year-over-year numbers performed relatively well for San Diego, with the median price increasing by approximately three percent year-over-year. The median price, however, remains well below the peak achieved before the nationwide recession began.