Real Estate Sales in California including San Diego have been falling. You can see some stats in the article cited below. However, prices in some areas have not dropped much. Especially if you consider how significant the price drops have been in parts of florida, like Sarasota and Bradenton.
Having lived in both places, I would have to say that there are some significant differences. A higher ratio of people need to live in San Diego than in Sarasota or Bradenton. Many of the people coming to south west florida have to figure out what they are going to do to earn a living. They are not being pulled here by jobs. So, there is a lower "need" housing.
That being said if you wish to move to florida and you have school age kids, your choices are more limited. When it comes to schools Sarasota and Bradenton have some very good ones by florida and San Diego standards. (imho).
I suspect that plenty of people wish to live in both places but more peoople had to live in San Diego because of Jobs. Therefore, San Diego has not yet sold off that hard.
However, a significant increase in interest rates could make these arm resets much more significant. If adjustable rate mortgages increase significantly watch out.
DailyBulletin.com - Housing sales plunge in May