Tag Archives: San Diego real estate

September 2016 San Diego County Real Estate Report and Interest Rates

San Diego County Real Estate ReportCountywide, August saw an upturn in pending and closed sales over the previous month. There was no change in the median sales price compared to July, but a 7.4 percent increase over the previous year. Inventory is staying tight with a scant 2.3 months’ supply of housing on the market.

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July 2016 San Diego County Real Estate Report and Interest Rates

July 2016 San Diego County Real Estate ReportPrices continue to rise throughout San Diego County and we are approaching the 2005 pre-recession median home price peak of $517,500. In fact, multiple zip codes throughout the county have met or exceeded their pre-recession peaks with many of those zip codes located in the North County Coastal area.

Real Estate Report

This is great news for those who are building equity, hard on those trying to enter the market, and scary for those who got hurt during the recession. But what do those numbers really mean? Housing affordability in San Diego County has dropped significantly since 2012, but even with significant price increases, it hasn’t changed much since 2014. This is because those price increases have not been adjusted for inflation, or changing incomes and interest rates. First American’s Economic Center has taken these factors into account in a recent report titled, First American Real House Price Index (RHPI).

The index set the RHPI at 100 in January 2000 and then compares those values to today’s numbers adjusting for income and interest rates. San Diego’s Real Price Index in April 2016 was 84.1. Recent events, like “Brexit,” have helped push down interest rates, increasing buying power even more. I’ll have our updated RHPI in next month’s San Diego County Real Estate Report.

Interest Rates

Click on the links below to read the full housing statistics reports.

Continue reading July 2016 San Diego County Real Estate Report and Interest Rates

June 2016 San Diego County Real Estate Report and Interest Rates

June 2016 San Diego County Real Estate ReportSan Diego County jumped up to eighth position in realtor.com’s® 20 Hottest Real Estate Markets. That’s our best ranking in May since Realtor.com started comparing markets three years ago.

Real Estate Report

May’s market statistics certainly support that hot ranking. Countywide, the median sales price increased 7.9 percent compared to the previous May and the supply of available inventory fell to a meager 2.1 months.

This is wonderful for San Diego County home sellers, but rising prices are making it difficult for buyers. The California Association of Realtors reports that only 28 percent of households could afford the median priced home in the first quarter of 2016. With home prices continuing to rise, that number will most likely drop even lower.

See below for today’s interest rates.

Click on the links to read the full housing statistics reports.

Continue reading June 2016 San Diego County Real Estate Report and Interest Rates

April 2016 San Diego County Real Estate Report and Interest Rates

April 2016 San Diego County Real Estate ReportSan Diego County home prices continue to recover, but still have not reached their 2005 peaks according to CoreLogic and reported in the Union-Tribune.

Real Estate Report

March brought more listing and sales activity compared to February, but the continued low inventory and rising prices are keeping the total number of sales low for what is normally a busy time of year.

San Diego County saw a year-over median price increase of 6 percent with prices reaching $485,000. In North County the median price was $537,000 with a year-over increase of 4.1 percent

See below for today’s interest rates. Click on the links to read the full housing statistics reports.

Continue reading April 2016 San Diego County Real Estate Report and Interest Rates

March 2016 San Diego County Real Estate Report and Interest Rates

March 2016 San Diego County Real Estate ReportAlthough North County saw a drop in the median sales price compared to January, and San Diego County as a whole was mostly flat, the San Diego County real estate market continued moving upward with healthy year-over price increases.

Real Estate Report

As is typical this time of year, there were more new listings on the market in February, but the number of homes going under contract, or pending, also increased. This is keeping the inventory hovering at a painfully low two months’ supply. Most experts expect to see six months’ supply in a healthy market.

The continuing low interest rates, low resale inventory, and lack of new homes being built in San Diego County has created a housing shortage. This lack of available housing is keeping upward pressure on home prices and rents. We’ve seen an increase in the number of homes being built in the county, 25 new projects this year according to the Union-Tribune. It’s still not enough to meet demand, and many of those homes are in a price range that most buyers can’t afford.

See below for today’s interest rates. Click on the links to read the full housing statistics reports.

Continue reading March 2016 San Diego County Real Estate Report and Interest Rates

February 2016 San Diego County Real Estate Report and Interest Rates

February 2016 San Diego County Real Estate ReportSan Diego County real estate looked strong in January with 10.5 percent year over median price increases for North County and 7.5 percent increases countywide. Interest rates continue to remain below 4 percent for many types of loans.

Real Estate Report

San Diego was ranked number five on the list of realtor.com’s® 20 Hottest U.S. Real Estate Markets in January 2016. It doesn’t look like this is going to change in the near future. January saw increases in the number of pending sales compared to both the previous month and to January 2015.

Where’s the Inventory?

Although there were many new listings in January, inventory supply is still under two months in both North County and in San Diego County as a whole. Most experts say four to six months of supply is needed for a balanced market.

See below for today’s interest rates. Click on the links to read the full housing statistics reports.

Continue reading February 2016 San Diego County Real Estate Report and Interest Rates

San Diego County Real Estate Report and Interest Rates January 2016

San Diego County Real Estate ReportDecember is usually a quiet month for real estate. In spite of this, North San Diego County and San Diego County as a whole saw a fairly active month with the total sales volume for the county increasing significantly compared to November.

Real Estate Report

2015 showed healthy numbers also. Year-over, North County saw a 4 percent increase in the median price for all property types, while countywide, that number was almost 9 percent for detached homes and over 10 percent for attached homes.

The Fed’s quarter-percentage point interest rate increase didn’t have a major impact on the San Diego County market, but experts expect continued, gradual rate increases over the next year. So if you are thinking of buying, now may be the time.

See below for today’s interest rates. Click on the links to read the full housing statistics reports.

Continue reading San Diego County Real Estate Report and Interest Rates January 2016

Home Improvements That Pay Off

Home Improvements That Pay Off

These values come from the 2015 Cost vs. Value Report published by Remodeling magazine and show statistics for the Pacific states.

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Real Estate’s Still Hot in California

It’s been hot, hot, hot in California! And it’s not just the weather. Our real estate markets have been hot too. California had over half of the twenty hottest U.S. markets according to the National Association of Realtors®.

San Diego is right in there, placing seventh on the list. If you look at October’s list, you’ll see we’ve moved up to sixth place.

Real Estate's Still Hot in California

San Diego County Real Estate Report October 2015

HomeDex San Diego County Real Estate ReportThis month’s San Diego County real estate report shows September home prices dropping slightly in both San Diego County as a whole and in North San Diego County according to the North San Diego County Association of REALTORS® and the Greater San Diego Association of REALTORS®.

Although this recent dip in prices slightly improves affordability in San Diego County, it follows strong price increases over the spring and summer months. Experts expect these increases to continue even with the interest rate hikes anticipated later this year. UCLA Anderson Forecast’s third quarter report predicts employment and income growth in California paired with a shortage of new construction through 2017. This, combined with our ongoing lack of resale inventory, will maintain pressure on housing prices in San Diego County.

To read the full housing statistics reports, click on the links below.

Continue reading San Diego County Real Estate Report October 2015