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Prices hit 5-year high:
Residents of San Diego who are looking to sell their homes now have yet another reason to do so. According to the San Diego Association of Realtors (SDAR), the median sales price of a single-family home in San Diego County reached $450,000 just last month. That is the highest it’s been in over five years.
The recent $450,000 average for home sales in San Diego shows substantial increases from both a month and year before. The current median sales price for homes is 23% higher than it was in April of 2012. In terms of monthly gains, home prices are 4% higher than they were in March. San Diego hasn’t seen prices this high since January of 2008, when the median sales price for a single-family home was $475,000.
The SDAR also reported a rise in the median price for both condominiums and townhomes. The average price for those residencies was $288,500 for the month of April, and although prices didn’t go up much over the course of a month, the current average represents a 37% increase over April of last year.
“If there was any lingering doubt about the real estate comeback, these numbers should put that to rest,” said Linda Lee, president of the San Diego Association of Realtors. “The increase in price means more people will put their homes on the market, which is great news for buyers.”
No more HUD office in San Diego:
The U.S. Department of Housing and Urban Development recently announced plans to close 15 field offices across the nation, including one in San Diego. The agency, which is widely known as HUD, is responsible for helping low-income individuals and families find affordable housing. The office closures, which also includes branches in Fresno and Sacramento, are scheduled to happen by October of 2014.
Gene Gibson, a HUD spokeswoman in San Francisco, says the agency is shutting down some of its smaller satellite offices in order to save up to $150 million in leasing and operation costs. The agency plans to move its services, which it says will not be affected, to larger offices in Los Angeles and San Francisco. The six employees that work at the San Diego office have the options of relocating to another HUD office at the government’s expense, taking a buyout of $25,000, or retiring early.
Many people in the San Diego area have a problem with HUD’s decision, despite the agency’s assurances that services will not be affected. Gabe del Rio, COO of Community HousingWorks, says that closing the San Diego office will not be good for the community. “It’s unclear what that will mean to our work, but it is clearly a loss and will likely make things more difficult for providers and the public alike,” explained del Rio.
Even some lawmakers in California have started to speak up against the office closures. Rep. Jerry McNerney, a Democrat from Stockton, says he believes that HUD should rethink their plan. “This is a clear example of the administration’s lack of attention to the continued crisis in California’s housing market,” said McNerney in a statement. “Closing three offices in a state that has been one of the hardest-hit by this ongoing issue will have disastrous consequences.”