Prices on the Uptick
Tag Archives: California home prices
C.A.R. 2015 California Housing Market Forecast
The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) recently published its California housing market forecast for 2015. They are predicting something we are already seeing happen in San Diego County – moderate price increases and a return to a more traditional market.
Housing Statistics Reports for San Diego County and North San Diego County April 2014
March housing statistics were a bit of a mixed bag in San Diego County. Hopefully this indicates that we are moving toward a more balanced market.
The housing statistics report for San Diego County overall showed an increase in the median price for single-family detached homes from $470,000 in February 2014 to $492,000 in March 2014 and a year-over increase of 13.1 percent from March 2013.
In North San Diego County, the median price for detached homes slipped slightly dropping from $564,500 in February 2014 to $556,000 in March 2014, but still increasing almost 6 percent compared to March 2013. This annual appreciation of approximately 6 percent is much more sustainable than the many months of 20 to 25 percent year-over median price increases we had been experiencing.
The median price of single-family attached homes increased both countywide and in the North County area in March 2014 showing a year-over gain of 5.44 percent countywide and 1.83 percent in North County.
To read the full housing statistics reports, please click on the links below.
Is the Window Closing?
With interest rates lower than they’ve been in over 40 years, it may be difficult to think of a “window of opportunity” closing. However, it isn’t difficult to understand that it may very probably cost more to live in a home in the near future due to rising interest rates and prices.
Zillow recently reported results from a nationwide study that home values are expected to appreciate by 4.5% through the end of the year. Coupled with Freddie Mac’s projection that rates are going up, the cost of housing for buyers by the end of the year will be higher than it is now.
Housing Statistics Report for San Diego County and North San Diego County February 2014
The January numbers from the housing statistics report for San Diego County and North San Diego County show continued year-over rising prices along with possible easing and seasonal slowing. This is not surprising since January closings usually represent homes that went under contract in November and December and the market is typically less active during these months due to the holidays. Most real estate analysts also predict a slowing down of the rapid price increases we have experienced in San Diego County over the past 18 months.
While the median price for all North County home sales decreased slightly, the median price for North County single-family detached homes increased by 5.46 percent compared to December 2013 and 22.47 percent over the last 12 months. Median prices for detached homes in all of San Diego County dropped by 1.45 percent from December to January, but were still up by 21.48 percent compared to January 2013.
The median price on single-family attached homes in North County dropped by 0.59 percent in January 2014 compared to December 2013, but were still up by 18.25 percent compared to the previous year. Attached homes in all of San Diego County saw an increase of 1.67 in their median price compared to December 2013 and an increase of 24.49 percent over January 2013.
To read the full housing statistics reports, please click on the links below.