The December 2017 San Diego Housing Market Report shows year-over price increases jumping back up to double digits after dropping to a more sustainable rate of approximately 5 percent last month.
Continue reading December 2017 San Diego Housing Market Report
The November 2017 San Diego Housing Market Report shows a slight slowdown. That being said, San Diego still ranked fourth on the hottest U.S. markets list from realtor.com® for October.
Continue reading November 2017 San Diego Housing Market Report
The September 2017 San Diego County Real Estate Report continues to indicate strong price increases, fewer sales, and even fewer homes coming on the market. The real estate news magazine first tuesday Journal predicts that once San Diego makes a full job recovery in 2018, real estate sales volume will rise and peak in 2020 or 2021.
The August 2017 San Diego County Real Estate Report shows the same trends we’ve been watching for a while, strong price increases, fewer sales, and even fewer homes coming on the market. Although some have brought up the disturbing idea of a housing bubble, most experts don’t see a bubble in our near future.
The July 2017 San Diego County Real Estate Report shows that, unlike some parts of the country, the San Diego County real estate market has not slowed down. In fact, year-over median sales prices increased countywide by 11 percent in June. The number of closed sales has dropped, but this is due to a continued lack of inventory.
San Diego County’s housing market has recovered with the median sales price exceeding 2005’s high in May this year. If you’re a homeowner, that’s wonderful news. It you are looking to buy, it’s not as scary as it sounds because when you adjust for inflation, we are still well below pre-recession highs. Only about one-third of the country has seen this recovery.
Continue reading July 2017 San Diego County Real Estate Report and Interest RatesThe June 2017 San Diego County Real Estate Report still shows a hot market with fast moving sales and a serious lack of inventory. But this cannot go on forever. Real estate markets are cyclical. Some parts of the country are already showing a slowdown in appreciation rates as reported by CNBC.
The anticipated rate hike by the Federal Reserve will most likely put downward pressure on the market. It will not only make it more difficult for buyers to borrow for their home purchase, but it will also push up the cost of consumers’ existing revolving debt and adjustable rate mortgages.
Continue reading June 2017 San Diego County Real Estate Report and Interest RatesThe May 2017 San Diego County Real Estate Report shows continued gains, despite the ongoing supply shortage and slowly increasing mortgage rates. Those rising interest rates paired with increasing values are making San Diego County homes less affordable. Trump’s proposed tax plan could decrease affordability even more by removing important deductions for homeowners.
The San Diego County and North County real estate markets are still sizzling hot. But due to rising interest rates and low affordability, experts are predicting a slowdown in both value growth and home ownership rates. Clear Capital predicts appreciation in San Diego County to be a low as 0.9 percent in 2017.
Since the election, interest rates have started going up. This will have a direct effect on the cost of housing. A one-half percent change in interest rates can affect your monthly payment more than a five percent change in home prices.
When does one-half equal more than five? When interest rates increase! Here’s what a change in interest rates costs you compared to a rise in home prices.
I’ve used a $500,000 purchase price with a 20 percent down payment. Interest rates are broken down in 0.25 percent increments from 0 to 1 percent. Price increases are broken down in 2.5 percent increments from 0 to 10 percent.
Continue reading When Does One-Half Equal More Than Five?Prices in San Diego County and in North County did not change compared to the previous month, but did go up substantially over the last year. Inventory, which should be growing this time of year, is continuing to decrease.