MetroStudy Report - San Diego, CA– January 23, 2012 - The San Diego County economy continues to gain strength, exhibiting positive job growth year over year, according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.

“The San Diego economy is the most significant job-producing county in the broader six country Southern California regional market,” said Steve Johnson, director of Metrostudy’s Southern California Region. The San Diego County unemployment rate is at 8.9%, which is better off than both the Southern California Region at 10.5% and California unemployment rate of 11.1%. However it is weaker than the national unemployment rate of 8.5%.

“Starts and closings for the San Diego/Imperial housing market were mixed this quarter,” said Johnson. 775 homes closed, up 42% from 3Q11 and up 18% from 4Q10. Starts for 4Q11 were at 774, up over 100% from 3Q11 and up 93% from 4Q10.

“New home inventories are at historic lows as well,” said Johnson. New home inventory totaled 2,697 at the end of 4Q11, declining by 20% over 3Q11 to 13.5 months of supply. Detached total housing inventory is stalled at the lowest level in decades with only 1,616 homes started in the last four quarters. The attached product, with 1,523 units, increased to 22.4 months of supply.

“This is obviously the best time in decades for buyers to buy a new home,” said Johnson. “However a lack of confidence, no sense of urgency and tight lending practices have stalled the housing recovery.”

For information contact:
Steve Johnson @ 951.848.3100
email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it