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San Diego Home Sales Down 8.6%

Posted on April 30, 2019 | Leave a comment

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.”

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

Posted on April 29, 2019 | Leave a comment

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.

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San Diego home sellers are slashing prices

Posted on March 13, 2019 | Leave a comment

San Diego County had the second-most home price reductions in the nation so far in 2019, said research from real estate website Trulia.

Price reductions are more common in the winter months, but San Diego County hasn’t seen as many cutbacks since 2014 when the market was still crawling out of the recession.

Twenty percent of homes for sale in February had a price drop, the most of any California city. At the same time last year, the percentage was 10 percent.

Felipe Chacon, economist at Trulia, said the reductions in San Diego show a shift toward better conditions for buyers but it’s not like prices are suddenly affordable for the majority of the region’s inhabitants. The median home price was $542,000 in December, said CoreLogic, up 2.5 percent in a year.

A few examples of price reductions:

3675 8th Ave. — This 2,660-square-foot craftsman home in Hillcrest went on the market for $1.1 million in September 2018, but had its price reduced 15 times. It is now on the market for $905,000.
4169 Balboa Way — This 1,408-square-foot condo in Clairemont went on the market for $525,000 on Feb.6 but had been reduced to $491,111 by March 11.
5370 La Jolla Blvd, Unit 203 — This 1,353-square-foot condo in La Jolla, two blocks away from ocean access at Calumet Park, was listed at $799,000 in November, but has had its priced reduced four times. It is now for sale for $719,000
210 Treasure Drive — This newly built 2,801-square-foot San Marcos home, with four bedrooms, started out at $829,900 but is now $799,900.
333 Orange Ave., Unit 9 — This 1,087-square-foot Coronado condo started at $725,000 in September, was raised to $775,000 in December, and then reduced several times back down to $725,000.
2165 Anthony Drive — This 916-square-foot single-family home near Shelltown went on the market in August for $389,000. The 90-year-old house was taken on and off the market before selling for $330,000 last week.