Category Archives: Real Estate

San Diego – home prices dip in February

Posted on March 22, 2017 | Leave a comment

The San Diego County median home price dropped 1 percent in February to $492,000, CoreLogic said.

Typically one of the slowest months of the year, the February median price has increased on average just 1.4 percent from January since 2000.

San Diego’s median hit $507,500 in October but has been under half a million dollars since. It is still below the nominal 2005 peak of $517,500 (or $644,487 in 2016 dollars).

There were 2,605 home sales in February, down 405 homes from its average since 2000.

However, over the 12-month period the county’s median home price increased 8.1 percent, CoreLogic said.

Chris Thornberg, economist and founding partner of Beacon Economics, said a sales drop in February was not a big enough indication that the more robust spring or summer buying season would not occur as usual.

However, he said three factors may impact buying as the year goes on — higher mortgage interest rates, economic uncertainty with Trump administration policies and a possible slowdown of American home purchases by foreigners.

“Any of those could be a realistic reason for slowing activity,” he said, “and any of these reasons could say to us this summer won’t be as good as last summer from a sales and price perspective.”

The February resale home median price in San Diego County was $535,000, with 1,657 sales, and the resale condo price was $383,750, with 778 sales. In a year, the home price increased 6.2 percent and 9.6 percent for condos.

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SD County home median price under $500k

Posted on March 3, 2017 | Leave a comment

The San Diego County median home price was $495,000 in January, unchanged for three months, CoreLogic said.

In October, the median hit $507,500 — its highest point in a decade — but has remained under half a million dollars since and pushed the nominal 2005 peak of $517,500 (or $644,487 in 2016 dollars) further out of reach.

January is typically the slowest month of the year, a lingering effect of buyers and sellers closing up shop for the holidays. There were 2,480 sales this January, up 4.6 percent from the same time last year.

Alan Gin, economist at University of San Diego, said a reason for the unmoved median home price could be rising interest rates since Donald Trump’s election victory and high prices.

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San Diego -Median home price drops 2.5%

Posted on December 28, 2016 | Leave a comment

After reaching $507,500 in October, the median home price in San Diego retreated 2.5 percent in November to land at $495,000, the same level as in September, CoreLogic reported Tuesday. Still, the median last month was 5.6 percent higher than it was a year ago.

Unit sales were down as usual from October to November but soared 25.2 percent from year-ago levels to 3,427 transactions.

CoreLogic analyst Andrew LePage said the jump reflected a one-time delay in closing transactions a year ago due to federal lending rules changes. November 2015 totals thus dropped more than usual and December’s rose more than is typical at this time of the year.

The same thing in reverse will likely happen when this month’s sales are reported in January — they will look anemic compared to December 2015’s atypical surge.

The median price for 2,119 resale single-family homes dropped $4,000 from October’s level to $549,000, as did 1,054 resale condos, down $10,000 to $375,000. There were 254 newly built homes — both houses and condos — sold for a median $651,500 down from $765,000 in October.