Housing Market Slightly Up in February
San Diego County’s housing market picked up a little steam in February, but not enough to reverse a trend of declining sales and lower appreciation.
The median price for a home sold in February was $410,000, up from $405,000 in January and 14.2 percent from the $359,000 a year ago, real estate tracker DataQuick reported Wednesday. Annual appreciation has slowed since peaking at 24.1 percent in June, when the median was $416,000
Mark Goldman, a loan officer and real estate lecturer at San Diego State University said San Diego is returning to its historical appreciation of 3 percent.“Interest rates are eking up, wages are stagnant, and the cost to run a household keeps going up,” Goldman said. “I kind of see this malaise continuing for quite some time.”
Rates for a 30-year-fixed mortgage rose to 4.37 percent in February, up from 3.56 percent in February 2013, Freddie Mac reports. Goldman said inventory has increased somewhat, reducing upward pressure on prices, and the fix-and-flip strategy is no longer such a great investment.
read more at: http://www.utsandiego.com/news/2014/mar/12/dataquick-real-estate-mortgages-property-values/
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