San Diego median home price at $585k, up 8% in a year

San Diego County’s median home price started the year at $585,000, up slightly from the previous month and pushing toward record territory.

Home prices in January were up 7.9 percent annually, said CoreLogic data provided by DQNews. The median was down from the peak reached in November of $594,909.

The same factors that have pushed up national and local home prices the past few months — shrinking number of homes for sale, low interest rates and job demand — are expected to continue to put upward pressure on prices.

Mark Goldman, a real estate analyst with C2 Financial Corp., said one of the biggest factors driving sales are lower interest rates.

read more at:  https://www.sandiegouniontribune.com/business/real-estate/story/2020-02-24/san-diego-home-price

San Diego – fewer homes sold for above asking price

If you sold a home in San Diego County last year, there’s a high statistical probability it sold for under asking price.

In 2019, 22.6 percent of homes sold for more than sellers were asking — a smaller amount than the hot post-recession San Diego market is used to.

In 2018, 25.1 percent sold above asking; 29.8 percent in 2017; 26.8 percent in 2016.

Zillow economist Jeff Tucker said the numbers are a reflection of a sluggish housing market in the start of 2019. He said there were still comparably higher mortgage interest rates at the start of the year and buyers were less likely to make a sale happen.

Breaking down the Zillow data further, San Diego County had 7.5 percent of homes in 2019 sell for asking price, and 68.9 percent sell for under.

Lower-cost markets were most likely to experience bidding wars. Spring Valley had the most homes to sell above list price at 35.1 percent. It was followed by 33.2 percent in Chula Vista and National City at 33 percent.

Carlsbad was least likely to face intense competition with 15.8 percent selling above asking.

Nationally, the best place to see home prices go above asking was San Francisco where 48.6 percent exceeded listing prices. It was followed by San Jose at 38.8 percent and Boston at 34.7 percent.

read more at: https://www.sandiegouniontribune.com/business/real-estate/story/2020-02-07/fewer-san-diego-homes-sold-for-above-asking-price-in-19

San Diego home prices outpaced all other West Coast markets in November

Home prices were up 3.9 percent annually in the San Diego metropolitan area in November, outpacing all other West Coast markets, the S&P CoreLogic Case-Shiller Indices reported Tuesday.

San Diego metro’s price gain slightly outpaced the national average gain of 3.5 percent, and was a substantial reversal after a sluggish start to 2019. From January to June, annual price gains locally were around 1 percent.

The index showed gains across most markets, which analysts mainly attributed to dropping mortgage interest rates. Other factors include low unemployment and tight home inventory driving up prices.

Low-cost markets had the biggest gains. Phoenix was up 5.9 percent, Charlotte up 5.2 percent and Tampa up 5 percent. Chicago had the lowest gain at 0.4 percent.

read more at: https://www.sandiegouniontribune.com/business/real-estate/story/2020-01-28/san-diego-home-prices-grew-fastest-on-west-coast-in-november