Category Archives: Uncategorized

San Diego home price gains lowest in nation for 4th month

San Diego metro prices gains were the lowest in the nation for fourth month in a row on the 20-city index. It was tied with Los Angeles metro, also at 1.3 percent, joining other expensive markets in substantial drops.

Analysts point to modest wage gains and prices going up too quickly as reasons why buyers are staying out of the market. Nationwide price gains were still nearly double the rate of inflation at 3.7 percent, although that is down from 6.5 percent at the same time last year.

“Given the broader economic picture, housing should be doing better,” wrote David Blitzer, managing director of the index. “Mortgage rates are at 4 percent for a 30-year fixed rate loan, unemployment is close to a 50-year low, (there is) low inflation and moderate increases in real incomes would be expected to support a strong housing market.”

The last time home price increases in San Diego metro were as slow was summer 2012. Yet prices are still going up, unlike the Great Recession when prices were down annually by double digits. In October 2008, home prices were down 26.67 percent year-over-year.

Lower cost markets across the United States saw the biggest gains in March. Prices were up 8.2 percent in the Las Vegas metropolitan area, 6.1 percent in Phoenix, 5.3 percent in Tampa and 4.7 percent in Atlanta.

read more at: https://www.sandiegouniontribune.com/business/real-estate/story/2019-05-28/san-diego-home-price-gains-lowest-in-nation-for-4th-month

disclaimer: for information and entertainment purposes only

San Diego Home Sales Down 8.6%

Median home prices are basically flat from last year, said CoreLogic. Sales remain low on a year-over-year basis in San Diego County and throughout California.

San Diego County’s home sales were down for the 11th month in a row in March, but home prices were still up slightly.

The median home price was $555,000 in March, said real estate tracker CoreLogic, a gain of 0.9 percent in a year. That’s down from a peak of $584,750 reached in August. In March, there were 3,224 home sales, down 8.6 percent from the same time a year ago.

Much of the slowdown has been attributed to rising mortgage rates, which started to move up in the latter part of 2018. Even with interest rates lowering substantially the first four months of 2019 though, buyers still face high prices in San Diego County, said Mark Goldman, an analyst with C2 Financial Corp.

“We still have affordability issues,” he said. “Wages aren’t going up, so that is going to stifle pricing.”

read more at: https://www.sandiegouniontribune.com/business/real-estate/story/2019-04-29/san-diego-home-sales-down-8-6

disclaimer: for information and entertainment purposes only

Home prices fall in So Cal for the first time since 2012

The Southern California median home price dipped slightly in March from a year earlier, the first annual decrease since 2012 and a sign of a remarkable downshift from the once-sizzling regional housing market.

The 0.1% drop, reported Friday by CoreLogic, means prices for the six-county region were essentially flat year-over-year. But given a pullback in previous months, prices are $18,500 off their June 2018 peak, and that raises the possibility of a sustained decline in the months ahead.

 

The median price for new and resale houses and condos — the point at which half the homes sold for more and half for less — was $518,500 in March, $500 less than a year earlier and off the all-time high of $537,000 reached in June.

 

The dip from March 2018 doesn’t mean values declined across the board. In fact, when broken down by county, the median dropped only in Orange County, while remaining areas — including Los Angeles County — still posted a slight or modest increase compared with a year earlier.

read more at: https://www.latimes.com/business/la-fi-southern-california-home-prices-20190426-story.html

Disclaimer: for information and entertainment purposes only