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Radar Logic, which tracks national home values, notes that San Diego home prices rose 3% from January to February, but were down 4% compared with a year earlier. That was a better performance than most metro areas. The price per square foot of a San Diego home is now $206.94. That compares with an average of $178.63 in 25 large U.S. markets, down 36% from the all-time high of $278.32 on June 8, 2007. Among the current high prices: San Jose $313.77 per square foot; San Francisco $242; Los Angeles $241.74 and Manhattan condos (not included in the top 25) a whopping $1.01 million. Phoenix at $73.27 and Las Vegas at $69.78 are among the lowest. The bottom is Detroit at $54.14. Radar Logic says prices may have troughed nationally in February, but it only expects a very moderate rise as the year progresses. Homes for sale, in the foreclosure process or likely to be foreclosed upon far outstrip current demand, says Radar Logic. "The oversupply won't be absorbed quickly," says Radar Logic.
Radar Logic, which tracks national home values, notes that San Diego home prices rose 3% from January to February, but were down 4% compared with a year earlier. That was a better performance than most metro areas. The price per square foot of a San Diego home is now $206.94. That compares with an average of $178.63 in 25 large U.S. markets, down 36% from the all-time high of $278.32 on June 8, 2007. Among the current high prices: San Jose $313.77 per square foot; San Francisco $242; Los Angeles $241.74 and Manhattan condos (not included in the top 25) a whopping $1.01 million. Phoenix at $73.27 and Las Vegas at $69.78 are among the lowest. The bottom is Detroit at $54.14. Radar Logic says prices may have troughed nationally in February, but it only expects a very moderate rise as the year progresses. Homes for sale, in the foreclosure process or likely to be foreclosed upon far outstrip current demand, says Radar Logic. "The oversupply won't be absorbed quickly," says Radar Logic.