June 2008 Homedex Report by Rich Johnson

NSDCAR MEMBER BENEFIT!

N or t h S a n D i e go C o unt y

H o m eD ex

July 2008

North San Diego County Association of REALTORS速

PLEASE READ The name HomeDex™ and its contents are protected under a trademark and copyright held by the North San Diego County Association of Realtors® (NSDCAR). Permission is granted to NSDCAR members to use the HomeDex™ name and/or its contents in any printed materials, website or other media applications – provided any and all attribution for the HomeDex™ name and its contents is given to the North San Diego County Association of Realtors™. Failure to do so will result in revoking permission to use the HomeDex™ name and/or its contents Direct written requests for permission, together with a brief description of how the name and contents would be used, to Ernie Cowan, NSDCAR Vice President of Government Affairs, at Ernie@nsdcar.com and include the proposed user’s contact information. HomeDex™ is prepared for the North San Diego County Association of REALTORS® by Robert Brown, Ph.D., California State University, San Marcos. Questions may be directed to Dr. Brown at rbrown@csusm.edu; phone # (760)750-4196 or to NSDCAR Communications Director, Lynn Sullivan, at Communications@nsdcar.com; phone # (760) 734-3971.

Data source: Sandicor, Inc.

Statistics obtained from MLS data.

Copyright North San Diego County Association of REALTORS®, 2008. No portion of this text may be reproduced, redistributed, faxed OR TRANSMITTED ELECTRONICALLY without the written permission of the North San Diego County Association of REALTORS®. 03/03/08

HomeDex™ Key Points June 2008 Data 1. The median price for all North County home sales – attached and detached – decreased 2.8% in June from May, to $418,000. a. Detached homes in North County decreased 4.85%, from May to June, from $515,000 to $490,000. i. Detached home prices OUTSIDE North County decreased 3.75% from May to June from $400,000 to $385,000. ii. June median single-family detached homes in North San Diego County fell 26.5%, from $667,000 in June 2007. The median price OUTSIDE North County for single-family homes fell 28.34% from the $537,250 a year ago last month. iii. The countywide median price of homes sold decreased from $435,000 in May 2008 to $418,000 in June 2008 and was down 30% from the June 2007 number. b. Attached home prices in North County decreased during June by 11.33%, from $300,000 a month earlier to $266,000. i. Non-North County attached home prices decreased 10.7% in June; from $280,000 to $250,000. ii. North County attached homes decreased 33.33% from $399,000 a year ago last month. c. Median days-on-market for single-family detached homes in North County remained at 50 days between May and June. The number of North County single-family homes sold increased 1.5% last month, from 729 to 740. There was a year-to-year decrease of 7.62% from the 801 homes sold in June 2007. 2. The residential real estate market has swung from the seller’s market of three years ago when home prices were increasing as much as 20 to 30 percent per year to the buyer’s market today where prices have decreased and there’s an abundant inventory of homes from which to choose. That’s good news for those looking to buy a home. a. Interest rates continue to at record lows, at least for the short-term future. i. An abundant selection of homes on the market together with low interest rates combines to make the present an excellent time to buy a home. 3. The current condition of the housing market needs to be kept in perspective. House values rose 88 percent on a national average – higher in California – over the past decade. a. The number of U.S. households is expected to increase 15 percent over the next decade, creating a continued high demand for housing. b. Even with the lower appreciation levels in home prices, there will be a strong investment incentive over the long term to buy homes in North San Diego County. 4. The economic stimulus package passed recently by Congress and signed by President Bush now offers safer and more affordable opportunities for home buyers. The temporary increases in federally insured and conventional loan limits could stimulate 250,000 home sales.

North San Diego County HomeDexTM June 2008 Summary Report Single-Family Detached Homes Single-Family Detached Home Prices •

The median price for all homes in North San Diego County – single-family detached and single-family attached – was $418,000 in June 2008.

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The median-priced single-family detached (SFD) home in North San Diego County fell 4.85 percent to $490,000 in June 2008 from $515,000 in May 2008. SFD median prices in Non-North County zip codes fell 3.75 percent to $385,000 in June 2008 from $400,000 in May 2008.

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June 2008 median SFD prices in North San Diego County decreased 26.5 percent year over from $667,000 in June 2007. Median price declined 28.34 percent in Non-North County from $537,250 in June 2007.

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The countywide median SFD price decreased to $418,000 in June 2008 from $435,000 in May 2008, a 30 percent decrease from June 2007. Median Prices North San Diego County Single-Family Detached Homes North San Diego County Median Price

Non-North San Diego County Median Price

$700,000 $600,000 $500,000 $400,000 $300,000 $200,000

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$100,000

1 of 8 Prepared for the North San Diego County Association of REALTORS® by Robert Brown, Ph.D. Department of Economics California State University, San Marcos. Inquiries may be directed to Robert Brown rbrown@csusm.edu or 760-750-4196; or Lynn Sullivan, NSDCAR Communications Director: lynn@nsdcar.com or 760-734-3976. Statistics from data reported on 7/3/08. Data source: Sandicor, Inc. Comparisons are not based on identical samples of homes sold and do not imply statistical significance.

North San Diego County HomeDexTM June 2008 Summary Report Single-Family Detached Homes •

The median days-on-market for North San Diego County SFD homes remained at 50 days in June 2008. The average number of days-on-market decreased to 73 in June 2008 from 75 in May 2008. 1

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The SFD median price-per-square foot fell to $240 in June 2008 from $249 in May 2008, and down from $305 in June 2007. North San Diego County Median Price per Square Foot Single-Family Detached Homes

ne 20 07 Ju ly 20 07 A ug us t2 Se 00 pt em 7 be r2 00 O ct 7 ob er N 20 ov 07 em be r2 D 00 ec em 7 be r2 00 Ja 7 nu ar y 20 Fe 08 br ua ry 20 08 M ar ch 20 08 A pr il 20 08 M ay 20 08 Ju ne 20 08

20 07

$325 $315 $305 $295 $285 $275 $265 $255 $245 $235 $225

The reported days-on-market number is defined as the time between the listing and sale of a property. In the event that a property is re-listed then days-on-market is calculated from the new list date to sale date; therefore, the occurrence of re-listing biases downward the reported days-on-market.

Prepared for the North San Diego County Association of REALTORS® by Robert Brown, Ph.D. Department of Economics California State University, San Marcos. Inquiries may be directed to Robert Brown rbrown@csusm.edu or 760-750-4196; or Lynn Sullivan, NSDCAR Communications Director: lynn@nsdcar.com or 760-734-3976. Statistics from data reported on 7/3/08. Data source: Sandicor, Inc. Comparisons are not based on identical samples of homes sold and do not imply statistical significance.

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North San Diego County HomeDexTM June 2008 Summary Report Single-Family Detached Homes

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Active SFD listings in North San Diego County decreased to 5,798 at the end of June 2008 from 5,807 active SFD listings ending May 2008, compared to 5,767 in June 2007. San Diego County active SFD listings fell to 12,438 at the end of June 2008 from 12,479 ending June 2008, compared to 12,210 active listings reported countywide at the end of June 2007.

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The number of North San Diego County SFD units sold increased 1.5 percent from 729 in May 2008 to 740 in June 2008. Year-over, there was a 7.62 percent fall in North County SFD homes sold from 801 SFD homes sold in June 2007.

Number of Single-Family Detached Homes Sold by Price Range June 2008

June 2007

160 140 120 100 80 60 40 20 0 <$300K

$300$400K

$400-$500

$500$600K

$600$700K

$700$800K

$800$900K

$900-$1M

$1M$1.1M

$1.1M$1.2M

$1.2M$1.3M

$1.3M$1.4M

$1.4M$1.5M

over $1.5M

3 of 8 Prepared for the North San Diego County Association of REALTORS® by Robert Brown, Ph.D. Department of Economics California State University, San Marcos. Inquiries may be directed to Robert Brown rbrown@csusm.edu or 760-750-4196; or Lynn Sullivan, NSDCAR Communications Director: lynn@nsdcar.com or 760-734-3976. Statistics from data reported on 7/3/08. Data source: Sandicor, Inc. Comparisons are not based on identical samples of homes sold and do not imply statistical significance.

North San Diego County HomeDexTM June 2008 Summary Report Single-Family Detached Homes Housing Affordability – Single-Family Detached Homes •

The monthly payment – including principle, interest, property taxes, and insurance – for the median-priced SFD home in North San Diego County decreased to $2,909 in June 2008 from $3,033 in May 2008 (based on a conventional mortgage.) The monthly payment for the median-priced SFD home in Non-North San Diego County fell to $2,285 in June 2008 from $2,356 in May 2008.

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18 percent of San Diego County households could afford the median-priced SFD home in North County in June 2008, according to the North San Diego County HomeDexTM, up a percentage from last month. 2 In Non-North County zip codes, the percentage of households that could afford the median-priced home rose a percentage from May 2008 to 27 percent in June 2008. The June 2007 HomeDexTM affordability percentage was eight percent for North County and 14 percent in Non-North San Diego County zip codes.

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The HomeDexTM affordability percentage for all homes in North San Diego County – single-family detached and single-family attached together – was 23 percent in June 2008. Housing Affordability Percentages Single-Family Detached Homes North San Diego County

Non-North San Diego County

30% 25% 20% 15% 10% 5%

20 07 A ug us t2 Se 00 pt 7 em be r2 00 O 7 ct ob er N 20 ov 07 em be r2 D 00 ec 7 em be r2 00 Ja 7 nu ar y 20 Fe 08 br ua ry 20 08 M ar ch 20 08 A pr il 20 08 M ay 20 08 Ju ne 20 08

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HomeDexTM affordability percentages assume homeowners place 20 percent down and spend no more than a third of their income on housing, which in North County during June 2008 required an annual income of $116,348 for the median-priced SFD home – an amount earned by 18 percent of San Diego County households. Prepared for the North San Diego County Association of REALTORS® by Robert Brown, Ph.D. Department of Economics California State University, San Marcos. Inquiries may be directed to Robert Brown rbrown@csusm.edu or 760-750-4196; or Lynn Sullivan, NSDCAR Communications Director: lynn@nsdcar.com or 760-734-3976. Statistics from data reported on 7/3/08. Data source: Sandicor, Inc. Comparisons are not based on identical samples of homes sold and do not imply statistical significance.

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North San Diego County HomeDexTM June 2008 Summary Report Single-Family Detached Homes Single-Family Detached Home Prices and Affordability by North County Zip Codes 3 • Rancho Santa Fe (92067) had the highest median SFD price at $2.885 million followed by Del Mar (92014) at $2.35 million and Solana Beach (92075), Carmel Valley (92130), and Cardiff (92007) at over $1 million.

$3,500,000

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Carsbad (92009) reported a median price of $901,972 with Bonsall (92003) and Carlsbad (92011) at over $800,000. Rancho Bernardo (92127) , Escondido (92029), and Encinitas (92024) had median prices in the lower $700,000s. Carlsbad (92008) and Rancho Penasquitos (92129) reported median prices in the lower $600,000s with Rancho Bernardo (92128), Carlsbad (92010), Valley Center (92082), Poway (92064), Fallbrook (92024), and San Marcos (92078) in the $500,000s.

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Ramona (92065), Pala (92059), and Vista (92081) had median prices in the $400,000s. Escondido (92025, 92026, 92027), San Marcos (92069), Oceanside (92054, 92056, 92057), and Vista (92084) had median prices between $300,000 and $394,000. Vista (92083) had the lowest median price at $241,250. North San Diego County Single-Family Detached Homes June 2008 Median Prices by Zip Codes

$3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000

92 06 7

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N CH O SA 92 92 N 01 0 92 TA 00 75 - 4 F D 7 EL E - C SO LA M A RD N A 92 IF A B R 13 F EA 0 - C BY CH T A RM HE S E 92 EA 00 L V A 9 LL -C 92 EY 01 AR L 1 - C SB A A 92 D 00 RL S 92 3 92 - B BA 12 0 D 7 - R 29 - ON ES SA A N CH CO LL N O D ID 92 BE RN O 02 92 4 12 A R 9 D - R 920 EN O CI 08 A N 92 - C NIT 12 CH A A O S 8 R -R LS PE BA A N N A D CH SQ U O BE ITO 92 RN S 92 01 08 0 A 2 RD - V CA O R A LL LS EY BA CE D 9 N 92 206 TE 4 02 8 PO R 92 07 FAL WA 8 - S LBR Y A O N O K M A R 92 CO S 92 059 06 -P 5 - R AL A A 9 2 MO 92 08 N 05 A 1 6 - O VI 92 C E ST 02 A A 5 N -E 92 SC SID 05 E O 7 - O ND 92 06 CE IDO 9 A -S N A SI N D M E A R 9 2 CO 92 02 084 S 6 - E - VI 92 ST SC 05 A O 4 - O ND 92 CE IDO 02 A 7 N -E SC SID E O 92 ND ID 08 O 3 -V IS TA

Monthly median prices and HomeDexTM household affordability percentages reported for some zip codes were calculated from small numbers of sold listings; reported numbers may be sensitive to price variations and do not imply statistical significance.

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North San Diego County HomeDexTM June 2008 Summary Report Single-Family Detached Homes •

Rancho Santa Fe (92067), Del Mar (92014), Solana Beach (92075), Carmel Valley (92130), and Cardiff (92007) were the least affordable areas in North San Diego County with affordability levels below five percent. 4

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Carlsbad (92008, 92009, 92011), Rancho Bernardo (92127), Bonsall (92003), Escondido (92029), and Encinitas (92024) reported affordability percentages between five and nine percent.

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Carlsbad (92010), Rancho Penasquitos (92129), Rancho Bernardo (92128), Valley Center (92082), Poway (92064), Fallbrook (92028), Pala, (92059), and San Marcos (92078) had affordability percentages between 10 and 19 percent.

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Ramona (92065), Oceanside (92056, 92057), Vista (92081), and Escondido (92025) had affordability rates between 25 percent and 27 percent. Escondido (92026, 92027), San Marcos (92069), Oceanside (92054), and Vista (92084) reported affordability percentages between 30 percent and 39 percent. Vista (92083) had a 50 percent affordability percentage, the highest in North County. June 2008 Housing Affordability Percentages North San Diego County Zip Codes Single-Family Detached Homes

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50%

40%

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N CH O SA 9 92 20 0 92 14 NT A 00 75 -S -D FE 7 E -C O LA L M A RD N A 92 A R IF 13 BE F 0 A - C BY CH A T RM HE S E 92 00 L V EA 9 A -C LL 92 EY 01 AR L 1 - C SB A A 92 D 00 RL 92 S 3 92 12 - B BA 0 7 - R 29 - ON D S A N ESC AL CH L O N O D ID 92 BE R O 92 02 N 12 4 A RD 9 - R 920 EN O CI 08 A N N 92 CH CA ITA 12 8 O S R -R PE LS A N BA N CH AS D O QU IT B 9 92 201 ERN OS 08 0 A 2 - V CA RD O R A LL LS EY BA CE D 9 N 92 206 TE 4 02 R 8 - F PO 92 W A 07 A LL 8 Y -S BR A O N M OK A RC 92 92 059 OS 06 -P 5 - R AL A A M O 92 920 N 81 05 A 6 -V IS 92 - OC 02 EA TA 5 N -E SI 92 05 SCO DE 7 N 92 -O D 06 CE IDO 9 A -S N A SI N M DE A 9 20 RC 92 O 84 02 S 6 -E -V IS 92 05 SCO TA 4 N 92 - OC DID 02 EA O 7 N -E SC SID E O 92 ND ID 08 O 3 -V IS TA

HomeDexTM affordability percentages show the percent of San Diego County households that can “afford” the median-priced SFD home in a particular zip code, assuming homeowners place 20 percent down and spend no more than a third of their income on housing given prevailing monthly interest rates.

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North San Diego County HomeDexTM June 2008 Summary Report Single-Family Detached Homes North San Diego County Housing Characteristics Single-Family Detached Homes June 2008 Median Price $490,000 Average Price $649,857 Median Price per Square Foot $240 Lowest-Priced Home Sold $148,000 Highest-Priced Home Sold $5,733,000 Number Units Sold Total Sales 5 Median Days on Market

740 $480,894,365 50

Median Square Feet Median Number of Bedrooms Median Number of Baths Median Lot Size (sq. feet) Median Age (years) of Homes Sold

2,004 4 3 9,100 20

HomeDexTM Median Home Prices Month/Year June 2007 July 2007 August 2007 September 2007 October 2007 November 2007 December 2007 January 2008 February 2008 March 2008 April 2008 May 2008 June 2008

North San Diego County $667,000 $650,000 $660,000 $630,000 $580,000 $589,000 $569,000 $562,500 $515,000 $490,000 $510,000 $515,000 $490,000

Non-North San Diego County $537,250 $515,000 $506,500 $495,123 $495,000 $460,000 $450,000 $423,650 $411,500 $410,000 $410,000 $400,000 $385,000

(Percent of San Diego County households affording median-priced home) North San Diego County 8% 8% 8% 8% 11% 10% 12% 13% 17% 19% 17% 17% 18%

Non-North San Diego County 14% 15% 15% 16% 16% 19% 20% 22% 22% 25% 24% 26% 27%

Total SFD sales in North County were $480,161,741 in May 2008 and $690,299,664 in June 2007.

Prepared for the North San Diego County Association of REALTORS速 by Robert Brown, Ph.D. Department of Economics California State University, San Marcos. Inquiries may be directed to Robert Brown rbrown@csusm.edu or 760-750-4196; or Lynn Sullivan, NSDCAR Communications Director: lynn@nsdcar.com or 760-734-3976. Statistics from data reported on 7/3/08. Data source: Sandicor, Inc. Comparisons are not based on identical samples of homes sold and do not imply statistical significance.

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North San Diego County HomeDexTM June 2008 Summary Report Single-Family Detached Homes

North San Diego County Zip Codes 92003 - BONSALL 92007 - CARDIFF 92008 - CARLSBAD 92009 - CARLSBAD 92010 - CARLSBAD 92011 - CARLSBAD 92014 - DEL MAR 92024 - ENCINITAS 92025 - ESCONDIDO 92026 - ESCONDIDO 92027 - ESCONDIDO 92028 - FALLBROOK 92029 - ESCONDIDO 92054 - OCEANSIDE 92056 - OCEANSIDE 92057 - OCEANSIDE 92059 - PALA 92061 - PAUMA VALLEY 92064 - POWAY 92065 - RAMONA 92067 - RANCHO SANTA FE 92068 - SAN LUIS REY 92069 - SAN MARCOS 92075 - SOLANA BEACH 92078 - SAN MARCOS 92081 - VISTA 92082 - VALLEY CENTER 92083 - VISTA 92084 - VISTA 92091 - RANCHO SANTA FE 92127 - RANCHO BERNARDO 92128 - RANCHO BERNARDO 92129 - RANCHO PENASQUITOS 92130 - CARMEL VALLEY

June 2008 Affordability 6 7% 3% 9% 5% 13% 7% 0% 8% 27% 32% 39% 16% 8% 33% 26% 27% 19% 15% 25% 0% 30% 2% 17% 25% 14% 50% 31% 8% 13%

June 2007 Affordability6 3% 6% 6% 6% 9% 4% 2% 4% 15% 17% 17% 8% 5% 12% 15% 16% 6% 3% 7% 16% 0% 13% 4% 9% 16% 8% 17% 16% 0% 7% 9%

June 2008 Median Price $800,000 $1,100,000 $640,000 $901,972 $571,500 $825,000 $2,350,000 $710,000 $389,000 $350,000 $300,000 $527,500 $737,500 $341,000 $394,000 $385,000 $475,000 $540,000 $405,000 $2,885,000 $365,000 $1,625,000 $511,500 $401,500 $557,500 $241,250 $356,500 $723,800 $577,500

10% 3%

8% 3%

$618,000 $1,054,000

% Price Chg. From June 2007 -35% 33% -23% 7% -6% -12% 52% -26% -25% -27% -38% -22% -14% -40% -24% -23% -39% -27% -19% 18% -34% 69% -19% -21% -21% -50% -29% -5% -8%

June 2008 Sold Listings 3 5 13 33 8 16 9 30 23 43 50 26 10 27 45 45 1 0 35 33 10 0 27 4 40 22 12 16 20 0 35 36

Median Days on Market June 2008 68 51 53 65 35 65 76 50 54 65 35 72 76 62 51 63 104 49 40 66 31 32 37 52 26 11 59 53 41

Median Days on Market % Chg. from May 2008 -27% -22% 1% 38% -31% -20% 55% 65% -28% 225% -1% 13% 204% 3% -7% 75% 17% -22% 17% -24% -35% -17% -35% -72% -90% -48% -7% -10%

-8% 3%

27 36

34 57

-7% 102%

"Foreclosures" refers to the number of unique addresses in some stage of foreclosure in 6

Percent of San Diego County households that can “afford” the median-priced home in a particular zip code – see footnotes 2 and 4.

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North San Diego County HomeDexTM June 2008 Summary Report Single-Family Attached Homes Single-Family Attached Home Prices •

The North San Diego County median-priced single-family attached (SFA) home declined 11.33 percent to $266,000 in June 2008 from $300,000 in May 2008. Non-North San Diego County SFA median prices fell 10.7 percent to $250,000 in June 2008 from $280,000 in May 2008.

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The county-wide SFA median price decreased to $255,000 in June 2008 from $285,000 in May 2008; the county-wide SFA median price was $369,900 in June 2007.

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North San Diego County SFA median prices decreased 33.33 percent year-over from $399,000 in June 2007. Non-North County median SFA prices decreased 29.96 percent from $356,950 in June 2007.

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The median number of days-on-market for North County SFA homes sold fell to 48 days in June 2008 from 59 in May 2008. The average number of days-onmarket declined to 73 in June 2008 from 84 in May 2008. 1

Median Prices North San Diego County Single-Family Attached Homes North San Diego County

Non-North San Diego County

$450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000

07 ug us t2 Se 00 pt 7 em be r2 00 O 7 ct ob er 20 N ov 07 em be r2 D 00 ec 7 em be r2 00 Ja 7 nu ar y 20 Fe 08 br ua ry 20 08 M ar ch 20 08 A pr il 20 08 M ay 20 08 Ju ne 20 08

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$100,000

The reported days-on-market number is defined as the time between the listing and sale of a property. In the event that a property is re-listed then days-on-market is calculated from the new list date to sale date; the occurrence of re-listing biases downward the reported days-on-market.

Prepared for the North San Diego County Association of REALTORS® by Robert Brown, Ph.D. Department of Economics California State University, San Marcos. Inquiries may be directed to Robert Brown rbrown@csusm.edu; 760-750-4196 or Lynn Sullivan, NSDCAR Communications Director: lynn@nsdcar.com or 760-734-3976. Statistics from data reported on 7/3/2008. Data source: Sandicor, Inc. Comparisons are not based on identical samples of homes sold and do not imply statistical significance.

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North San Diego County HomeDexTM June 2008 Summary Report Single-Family Attached Homes •

The number of sold SFA units declined 9.9 percent to 245 in June 2008 from 272 in May 2008. SFA sold units also decreased 9.6 percent from June 2007.

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Active SFA listings in North San Diego County fell to 1,883 ending June 2008 from 1,889 ending May 2008; there were 2,048 active listings ending June 2007. San Diego County active SFA listings declined to 6,116 at the end of June 2008 from 6,275 at the end of May 2008.

North San Diego County Single-Family Attached Homes Sold by Price June 2008

June 2007

90 80 70 60 50 40 30 20 10 0 <$200K

$200$300K

$300$400K

$400$500

$500$600K

$600$700K

$700$800K

$800$900K

$900$1M

$1M$1.1M

$1.1M$1.2M

$1.2M$1.3M

$1.3M$1.4M

$1.4M- $1.5M+ $1.5M

Prepared for the North San Diego County Association of REALTORS® by Robert Brown, Ph.D. Department of Economics California State University, San Marcos. Inquiries may be directed to Robert Brown rbrown@csusm.edu; 760-750-4196 or Lynn Sullivan, NSDCAR Communications Director: lynn@nsdcar.com or 760-734-3976. Statistics from data reported on 7/3/2008. Data source: Sandicor, Inc. Comparisons are not based on identical samples of homes sold and do not imply statistical significance.

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North San Diego County HomeDexTM June 2008 Summary Report Single-Family Attached Homes Housing Affordability – Single-Family Attached Homes •

The monthly payment – including principle, interest, property taxes, and insurance – for the median-priced SFA home in North County decreased to $1,579 in June 2008 from $1,767 in May 2008. The monthly payment for the median-priced SFA home in Non-North San Diego County zip codes fell to $1,484 in June 2008 from $1,649 in May 2008.

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45 percent of San Diego County households could afford the median-priced SFA home in North San Diego County in June 2008, up from 39 percent in May 2008. 2 The single-family attached home affordability level for Non-North San Diego County zip codes rose to 48 percent in June 2008 from 43 percent in May 2008.

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23 percent of county households could afford the median-priced SFA home in North San Diego County during June 2007.

Housing Affordability Percentages Single-Family Attached Homes North San Diego County

Non-North San Diego County

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10%

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HomeDexTM affordability percentages assume homeowners place 20 percent down and spend no more than a third of their income on housing, which in North County during June 2008 required an annual income of $63,160 for the median-priced SFA home – an amount earned by 45 percent of San Diego County households. Prepared for the North San Diego County Association of REALTORS® by Robert Brown, Ph.D. Department of Economics California State University, San Marcos. Inquiries may be directed to Robert Brown rbrown@csusm.edu; 760-750-4196 or Lynn Sullivan, NSDCAR Communications Director: lynn@nsdcar.com or 760-734-3976. Statistics from data reported on 7/3/2008. Data source: Sandicor, Inc. Comparisons are not based on identical samples of homes sold and do not imply statistical significance.

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North San Diego County HomeDexTM June 2008 Summary Report Single-Family Attached Homes Single-Family Attached Home Prices and Affordability by North County Zip Codes 3 •

Rancho Santa Fe (92091) had the highest SFA median price of $857,500 followed by Cardiff (92007) at $532,500.

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Del Mar (92014), Solana Beach (92075), Carlsbad (92009, 92010, 92011), and Carmel Valley (92130) reported median SFA prices in the $400,000s.

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Oceanside (92054) and Rancho Bernardo (92128) had median SFA prices in the lower $300,000s. Encinitas (92024), Poway (92064), Rancho Penasquitos (92129), Vista (92081, 92083), Ramona (92065), and San Marcos (92078) reported median prices in $200,000s.

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Oceanside (92056, 92057), Escondido (92025, 92026, 92027), Vista (92084), and San Marcos (92069) reported median SFA home prices between $105,000 and $195,000. North San Diego County June 2008 Median Prices Single-Family Attached Homes

92 09 1 -R 92 00 A N 7 CH -C O A RD SA IF N 92 TA F 07 B FE Y 5 -S TH O E LA SE N A 92 A 01 BE 1 A -C CH 92 A RL 00 92 9 SB 13 0 A CA -C D R A RM LSB A E D 92 L V 00 A 8 LL -C E A Y RL 92 01 SB 4 A -D D 92 EL 01 0 M A C 92 92 A 12 05 RL R 8 4 SB -R -O A A CE D N CH A N O SI BE D E 92 RN 02 A 4 RD -E O N CI N 92 IT 92 06 A 07 4 S -P 8 -S O W A 92 A N Y 12 M 9 A 7 RC 92 - R 206 5 12 O A S N 9 CH RA -R M A O O N B N CH ER A O N A PE RD N A O SQ U IT 92 O 08 S 3 -V 92 IS TA 08 92 1 05 -V 6 -O IS 92 TA CE 06 9 A -S N SI A D N 92 E M 05 A 7 RC -O O CE S A N SI 92 D 08 92 E 4 02 -V 6 -E IS T SC 92 A 02 O N 5 D -E I D SC 92 O 02 O N 7 D -E I D SC O O N D ID O

$1,000,000 $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0

Monthly median prices and HomeDexTM numbers reported for some zip codes were calculated from small numbers of sold listings; reported numbers may be sensitive to price variations and do not imply statistical significance.

Prepared for the North San Diego County Association of REALTORS® by Robert Brown, Ph.D. Department of Economics California State University, San Marcos. Inquiries may be directed to Robert Brown rbrown@csusm.edu; 760-750-4196 or Lynn Sullivan, NSDCAR Communications Director: lynn@nsdcar.com or 760-734-3976. Statistics from data reported on 7/3/2008. Data source: Sandicor, Inc. Comparisons are not based on identical samples of homes sold and do not imply statistical significance.

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North San Diego County HomeDexTM June 2008 Summary Report Single-Family Attached Homes •

Rancho Santa Fe (92091) was the least affordable area in North County with six percent of county households able to afford the median priced SFA. Cardiff (92007) and Solana Beach (92075) reported 16 and 19 percentage levels of affordability. 4

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Carsbad (92008, 92009, 92010, 92011), Carmel Valley (92130), and Del Mar (92014) reported affordability percentages between 21 and 25 percent of county households able to afford the median-priced SFA homes. Encinitas (92024), Poway (92064), San Marcos (92078), Ramona (92065), and Rancho Bernardo (92127) had affordability percentages between 40 and 47 percent.

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Rancho Penasquitos (92129) and Vista (92081, 92083) had affordability percentages between 51 and 56 percent.

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San Marcos (92069), Escondido (92026), Oceanside (92056, 92057), and Vista (92084) had affordability percentages between 60 and 67 percent. Escondido (92025) had a 70 percent affordability level and Escondido (92127) reported an affordability percentage of 81 percent. June 2008 Housing Affordability Percentages North San Diego County Single-Family Attached Homes

90% 80% 70% 60% 50% 40% 30% 20% 10%

92 09 1 -R 92 A 00 N 7 CH -C O A SA RD N IF TA 92 F 07 BY FE 5 TH -S O E LA SE N A 92 A 01 BE 1 A -C CH A 92 RL 00 92 SB 9 13 A 0 CA D -C R A RM LSB A EL D 92 V 00 A 8 LL -C E Y A RL 92 SB 01 4 A -D D 92 EL 01 0 M -C A 92 R 92 A RL 12 05 8 4 SB -R -O A A D CE N A CH N O SI D BE E 92 RN 02 A 4 RD -E O N CI N 92 IT 06 92 A 4 S 07 -P 8 O -S W A A N 92 Y M 12 92 A 7 RC 06 -R 92 5 O 12 A S RA N 9 CH -R M O A O N N BE CH A RN O A PE RD N A O SQ U IT 92 O 08 S 3 -V IS 92 TA 08 92 1 05 -V 6 IS -O 92 T CE A 06 A 9 N -S SI A D N E 92 M 05 A 7 RC -O O CE S A N SI 92 D 0 92 E 84 02 -V 6 -E IS T S 92 A CO 02 N 5 D -E ID S O 92 CO 02 N 7 D -E ID SC O O N D ID O

HomeDexTM affordability percentage is the percent of San Diego County households that can “afford” the median-priced SFA home in particular zip code, assuming homeowners place 20 percent down and spend no more than a third of their income on housing at the prevailing monthly interest rates. Prepared for the North San Diego County Association of REALTORS® by Robert Brown, Ph.D. Department of Economics California State University, San Marcos. Inquiries may be directed to Robert Brown rbrown@csusm.edu; 760-750-4196 or Lynn Sullivan, NSDCAR Communications Director: lynn@nsdcar.com or 760-734-3976. Statistics from data reported on 7/3/2008. Data source: Sandicor, Inc. Comparisons are not based on identical samples of homes sold and do not imply statistical significance.

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North San Diego County HomeDexTM June 2008 Summary Report Single-Family Attached Homes North San Diego County Housing Characteristics Single-Family Attached Homes June 2008 Median Price Average Price Median Price per Square Foot Lowest-Priced Home Sold Highest-Priced Home Sold

$266,000 $300,648 $232 $79,800 $1,575,000

Number Units Sold Total Sales 5 Median Days on Market

245 $73,658,820 48

Median Square Feet Median Number of Bedrooms Median Number of Baths Median Age (years) of Homes Sold

1,140 2 2 23

SFA Median Home Prices

Month/Year June 2007 July 2007 August 2007 September 2007 October 2007 November 2007 December 2007 January 2008 February 2008 March 2008 April 2008 May 2008 June 2008

North San Diego County $399,000 $396,375 $385,000 $364,000 $349,000 $343,500 $355,000 $326,000 $310,000 $339,000 $306,000 $300,000 $266,000

Non-North San Diego County $356,950 $341,500 $334,000 $323,700 $337,000 $310,000 $297,450 $295,000 $290,000 $265,000 $290,000 $280,000 $250,000

HomeDex Single-Family Attached North San Diego County 23% 23% 23% 26% 29% 30% 29% 38% 37% 33% 38% 39% 45%

Non-North San Diego County 28% 30% 30% 32% 31% 34% 37% 39% 41% 46% 41% 43% 48%

Total SFA sales were $92,448,519 in May 2008 and $116,097,180 in June 2007 for North San Diego County. Prepared for the North San Diego County Association of REALTORS速 by Robert Brown, Ph.D. Department of Economics California State University, San Marcos. Inquiries may be directed to Robert Brown rbrown@csusm.edu; 760-750-4196 or Lynn Sullivan, NSDCAR Communications Director: lynn@nsdcar.com or 760-734-3976. Statistics from data reported on 7/3/2008. Data source: Sandicor, Inc. Comparisons are not based on identical samples of homes sold and do not imply statistical significance.

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North San Diego County HomeDexTM June 2008 Summary Report Single-Family Attached Homes

June 2008 Affordability 6 16% 23% 22% 25% 21% 23% 40% 70% 67% 81% 35% 60% 66% 42% 47% 62% 19% 44% 56% 53% 66% 6% 47% 39%

June 2007 Affordability6 15% 21% 16% 24% 23% 16% 6% 15% 34% 36% 38% 32% 25% 34% 45% 19% 21% 39% 23% 8% 21% 47% 35% 40% 6% 32% 30%

June 2008 Median Price $532,500 $420,000 $427,500 $405,000 $444,900 $417,000 $296,000 $153,101 $163,000 $105,000 $324,625 $194,350 $170,450 $285,000 $256,000 $182,900 $474,500 $272,500 $210,000 $224,900 $169,000 $857,500 $255,000 $300,000

% Price Chg. From June 2007 26% -17% 9% 1% -11% -49% -43% -51% -46% -63% -15% -38% -33% -33% -11% -54% -29% -34% -14% -26% -40% 2% -22% -13%

51% 23%

23% 17%

$235,000 $426,000

-41% -11%

June 2008 Sold Listings 0 4 6 10 6 8 1 4 5 7 11 0 0 16 14 24 0 0 5 2 0 0 5 2 23 7 0 5 3 2 11 33

Median Days on Market June 2008 36 130 39 30 44 53 95 73 42 77 50 42 51 76 162 52 13 71 63 57 43 308 15 59

Median Days on Market % Chg. from May 2008 -47% -67% 26% -65% 197% 7% -15% 90% -24% -36% -44% -64% 18% 108% -52% 69% -29% 68% 617% -67% 0%

15 16

40 44

67% -31%

Percent of San Diego County households that can “afford” the median-priced home in a particular zip code – see footnotes 2 and 4.

Prepared for the North San Diego County Association of REALTORS® by Robert Brown, Ph.D. Department of Economics California State University, San Marcos. Inquiries may be directed to Robert Brown rbrown@csusm.edu; 760-750-4196 or Lynn Sullivan, NSDCAR Communications Director: lynn@nsdcar.com or 760-734-3976. Statistics from data reported on 7/3/2008. Data source: Sandicor, Inc. Comparisons are not based on identical samples of homes sold and do not imply statistical significance.

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Vista Administrative Offices & Service Center 906 Sycamore Ave., Suite 104 Vista, CA 92081 Phone: (760) 734-3971 Fax: (760) 734-3976 Escondido Service Center 1802 S. Escondido Blvd., Suite E Escondido, CA 92025 Phone: (760) 745-2299 Fax: (760) 745-3842

Carmel Valley Service Center 12707 High Bluff Drive, Suite 125 San Diego, CA 92130 Phone: (858) 350-1600 Fax: (858) 350-0380

Carsbad Service Center 6183 Paseo Del Norte, Ste. 150 Carlsbad, CA 92009 Phone: (760) 929-2100 Fax: (760) 929-2115

Fallbrook Service Center 429 South Main Avenue Fallbrook, CA 92028 Phone: (760) 728-5811 Fax: (760) 728-0646

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