Pace of Home-Price Gains at 2 Year Low
The pace of home-price appreciation in San Diego County fell last month to its lowest rate since June 2012, the period just before real-estate investors pushed annual gains into the double digits for a nearly 18 month stretch.
In November, the median price for a home sold in San Diego County was $430,000, up 3.6 percent from November 2013, real-estate tracker CoreLogic DataQuick reported Monday. That’s the slowest annual gain in home prices since they grew 1.7 percent year-over-year in June 2012. Over the next year, however, the pace would skyrocket to 24.1 percent in June 2013, as investors fixed and flipped bank-owned properties left over from the Great Recession.
Foreclosure resales now make up just 3.6 percent of all transactions, and as such the pace of appreciation has descended to single digits. The market is now paced by traditional factors like income, employment and overall affordability, which decreases activity because it puts less pressure on people to buy now or get priced out, said Mark Goldman, a loan officer and real-estate lecturer at San Diego State University.
read more at: http://www.utsandiego.com/news/2014/dec/15/dataquick-november-realestate-listings-mortgages/
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