Some Home Prices Hit 20-Year Lows
A few first-time SoCal homebuyers are paying less for houses than their parents did
By BOB HANSEN
Updated 6:45 AM PST, Wed, Jul 29, 2009
A few first-time SoCal homebuyers are paying less for houses than their parents did.
In certain areas of Southern California, houses are selling for less than they did 20 years ago in 1989. While that's good news for buyers, it's bad news for others who are watching while the value of their own homes plummet.
La Jolla-based DataQuick has been checking the median housing prices by ZIP code throughout Southern California. In San Diego County, home prices in El Cajon, the Logan Heights neighborhood and the city of Escondido are seeing prices creep down to 1989 levels, according to DataQuick. So far, the region is not doing as bad as many other Southern California neighborhoods.
"I have seen homes very similar to what they were in the '80s," said Realtor Annamarie Dawber. "Certain areas, of course, held their value very well, but certain areas, we are seeing homse that are at that low again."
Elsewhere, in the high desert especially, the median housing price is below 1989 levels. Neighborhoods in Victorville, Palmdale and Hemet are feeling the pinch, as are homes in Santa Ana and Oxnard, where the median housing price is at or below the price it was 20 years ago.
First Published: Jun 10, 2009 4:28 PM PST
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