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Real Estate of san diego
Prior to 2006, San Diego experienced a dramatic growth of real estate prices, to the extent that the situation was sometimes described as a "housing affordability crisis". Median house prices more than tripled between 1998 and 2007.
Growth of real estate prices has not been accompanied by comparable growth of household incomes: Housing Affordability Index fell below 20 percent in the early 2000s. Housing affordability index in the sense that percentage of households that can afford to purchase a median rated house.
Many San Diego home buyers tend to buy homes within many affordable neighborhoods, while others are leaving the state altogether and moving to more affordable areas in the country.
San Diego home prices peaked in 2005 then decreased as part of a nationwide trend. As of December 2010, home prices were 60 percent more than in 2000, but down 36 percent from the peak in 2005. The median home price decreased by more than $200,000 between 2005 and 2010, and sales declined by 50 percent.
NOTE : This article is originally posted by San Diego Real Estate Group.
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