Category Archives: Real Estate

San Diego home price gains LAG behind nation

Posted on July 31, 2019 | Leave a comment

The increase was the third-worst performing in the 20-city index and behind the nationwide average gain of 3.4 percent. It represents a continuing reversal for America’s Finest City, which had been experiencing annual home price increases of 7.3 percent at the same time last year — and was one of the top-gaining metro areas in the nation.

On the plus side for homeowners, San Diego metro’s home prices are still increasing and it is no longer the worst-performing metro in the closely-watched index. Seattle home prices were down 1.2 percent annually and San Francisco had a 1 percent increase, the lowest in California.

San Diego metro’s fate fits into a national trend of slowing price appreciation, especially for the most expensive markets. Analysts point to years of rising prices outpacing wages as a reason why the home market has cooled, even in spite of lower mortgage interest rates and near-record low unemployment.

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Foreign buyers flee the US housing market

Posted on July 23, 2019 | Leave a comment

Top states for foreign purchases were Florida, California and Texas

China’s currency controls, as well as international tensions between the U.S. and a slew of countries traditionally thought of as our allies, are putting a crimp on America’s real estate market by thwarting demand from foreign homebuyers.

Purchases by Chinese people, the biggest share of foreign buyers, plummeted 56% in the 12 months ended in March, while British home purchases tumbled 48%, according to a report from the National Association of Realtors. Chinese people bought $13.4 billion of American homes during the 12 months ended in March, compared with $30.4 billion a year earlier.

Canadians, the next-largest group of foreign buyers, purchased $8 billion of homes, compared with $10.5 billion a year earlier. Buyers from India were No. 3, with $6.9 billion of purchases, down from $7.2 billion. The U.K. was No. 4, but saw the second-biggest decline: Brits purchased $3.8 billion of homes, down from $7.3 billion a year earlier. Mexico was No. 5, at $2.3 billion, a decline of 45% from $4.2 billion a year earlier.

Measuring all foreign purchases, the total dollar volume plummeted 36% to $77.9 billion, according to the report. Foreign buyers paid a median price of $280,600, about 8% higher than the median for all existing homebuyers.

The rankings of the states that got the biggest share of foreign purchases remained the same as in past years: Florida was first, followed by California, Texas, Arizona and New Jersey.

Other tidbits from the report include: 41% of foreign buyers paid all-cash, compared with about 20% for the overall market. Also, 76% of foreigners purchased a single-family home or townhome, and 44% purchased a property in a suburban area.

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San Diego annual home price gains dip below 1%

Posted on June 26, 2019 | Leave a comment

Annual home price gains in the San Diego metropolitan area were below 1 percent for the first time since 2012, said the S&P CoreLogic Case-Shiller Indices released Tuesday.

San Diego metro home prices were up 0.8 percent in a year — a major change from one year ago when the market had seen a 7.8 percent annual increase.

April’s numbers reflect slowing price appreciation across the nation, which experts generally attribute to affordability issues after years of home costs outpacing wages. Nationally, home prices were up 3.5 percent with low-cost markets showing the biggest gains.

San Diego had the lowest price gain of the 20-city index, but Seattle had no price gain. Other slowed markets were Los Angeles, up 1.5 percent in a year, and San Francisco, up 1.8 percent in a year.

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