San Diego’s housing market at mid year – UT Report

The costs of housing continued to rise in San Diego in the first half of 2015 both for renters and for owners.

The prices are outpacing wage growth, a trend that analysts say is only going to continue so long as the region sees its supply of housing remain tight. Mark Goldman, a loan officer and real-estate lecturer at San Diego State University, said home prices are appreciating faster than he expected.

“In the last year we’ve seen more and more positive news about the economy, and that could help to support the market,” he said.

Rents rose as the county continued to see high wage job growth, with developers responding with a new supply of high-end units.

Here’s a by the numbers look at San Diego County’s housing market for the first half of 2015:

$455,000: The median price for all homes sold in San Diego County in the first six months of 2015, up 5.8 percent from a year ago, CoreLogic reports. It’s the highest midyear median since it was $488,000 in 2007.

$1,575: The average rent in San Diego County in March, up 9 percent from the $1,445 average in 2014, according to Marketpointe Realty Advisors.

3,443: The average number of home sales per month, up 8.7 percent over 2014, CoreLogic reports. That average got a boost in June, when 4,467 properties changed hands. That was the most transactions in a month since June 2006.

6,335: The average number of active listings per month from January to June, a 2.9 percent drop from last year, according to the San Diego Association of Realtors. Given the number of home sales per month, that level of inventory represents less than two months of a supply.  Most analysts consider 6 months of supply to be healthy.

read more at: http://www.sandiegouniontribune.com/news/2015/aug/15/real-estate-housing-corelogic-zillow-midyear/

disclaimer: for information and entertainment purposes only

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