San Diego home sales up for first time in a year

San Diego County’s housing market picked up in July with sales rising 10.1 percent from a year ago as the median home price stayed flat, real estate tracker CoreLogic said Wednesday.

The $580,000 median home price in July, showing no gain from the year before, was down from the all-time high of $590,000 the previous month.

Even with flat home prices, there was a shift in the market that may show lower mortgage interest rates are having an affect. There were 3,988 home sales in July, up by 365 from the same time last year. It was the first time in 14 months that there were more sales than the year before. Of note was that there was one extra recording date this July than last July.

Here is how the San Diego market fared by home type in July:

Resale single-family homes: The median price was $629,000, down from the peak of $649,000 reached last month. There were 2,515 sales, 195 fewer than July 2018.

Resale condos: The median price was $435,000, down from the peak of $437,000 last month. There were 1,117 home sales, 34 more from the same time last year.

Newly built homes: The median was $701,250, down from the all-time high of $812,500 reached in October 2018. There were 365 home sales, up by 136 from the same time last year.

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Annual San Diego home price gain slows to 1.3%

Annual home price gains in the San Diego metropolitan area, along with much of the nation, slowed in June, said the S&P CoreLogic Case-Shiller Indices released Tuesday.

San Diego metro home prices were up 1.3 percent in a year, down from 6.9 percent at the same time last year.

It has been the most expensive home markets that have seen the most lackadaisical gains. New York metro rose 1.1 percent and San Francisco saw a gain of 0.7 percent. Seattle was the only metro in the 20-city index to see a price drop, down 1.3 percent.

Analysts attribute the slowdown to affordability constraints, changes in the tax code that make buying in high cost markets less advantageous and changing buyer attitudes. Still, prices are still rising, increasing 3.1 percent nationwide.

Phoenix had the biggest annual gain, up 5.8 percent in a year, followed by Las Vegas at 5.5 percent and Tampa at 4.7 percent.

In June, San Diego metro had the sixth most price reductions of the 20 largest metro areas in the nation, about 21 percent of homes, said an analysis of Zillow data by the The San Diego Union-Tribune. When the market was at its hottest, around the beginning of 2017, only 8 to 9 percent of homes had a reduction.

The Case-Shiller indices take into consideration repeat sales of identical single-family houses as they turn over through the years. Prices are adjusted for seasonal swings. The San Diego County median home price for a resale single-family home in June was $649,000, said CoreLogic.

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San Diego Granny Flat handbook – streamlining the construction process

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San Diego has created a 42-page granny flat handbook to encourage more property owners to construct such housing units by making the process easier to understand.

Granny flats, which are additional housing units on an existing property, are being viewed in San Diego and across the nation as a way to create more housing without more land or infrastructure.

City officials say granny flats are the fastest and cheapest way to grow the local supply of affordable housing, prompting them to create the handbook so fewer people will be intimidated or confused by the process.

The handbook explains zoning rules, parking requirements, the city’s approval process and the details of a subsidy program the city established last year.

It also covers how to secure a city permit, how far from property lines a granny flat must be built, how the units might affect property taxes, whether a unit can be sold and when the property owner must live on-site.

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