San Diego County housing prices rose 13.7 percent over the last year to $358,000 as sales soared to their best November in seven years, DataQuick reported Wednesday.
It was the highest overall price since July 2008 as the market was skidding down and posted in March 2003 as prices were rocketing up.
In brief, overall prices were 30.8 percent off the November 2005 peak but have risen 27.9 percent since the January 2009
Even Riverside up 3.6 percent from October and 10.5 percent from November 2011.
"Investor activity and cash purchases remain unusually high,"
"All signals are pretty favorable for next year to continue the recent pace,"
As of Dec. 5, there were 4,636 homes for sale on the local multiple listing service. That was down 50.2 percent from December 2011's active listing total of 9,303. The current low inventory level is comparable to the go-go days of spring 2004.
In La Jolla, Agents are cold-calling homeowners with offers from clients who have picked out a house they like because the inventory is so low.
"I just don't know why all of sudden, The market hasn't gone up that much, but it's enough for some people to see a little bit of profit in the sale."
The overall Southern California trends mirrored San Diego's, with sales up 14.2 percent to 19,285 and median prices up 16.7 percent to $321,000 in the six-county region.
Of particular interest is where prices were rising, regionally and locally.
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