San Diego home prices up 2.9% in a year

Home prices were up 2.9 percent annually in San Diego County as of October, part of a rising tide of nationwide price increases, the S&P CoreLogic Case-Shiller Indices reported Tuesday.

The gain was below the national average of 3.3 percent, but it still represents a reversal of fortunes for San Diego County after months of having some of the lowest price increases in the nation. Home prices were going up at annual rate of around 1 percent for the first six months of the year.

Even with the increase, which experts largely attribute to falling mortgage interest rates, it is still below the 3.8 percent annual increase recorded for San Diego County a year earlier.

read more at: https://www.sandiegouniontribune.com/business/real-estate/story/2019-12-31/san-diego-home-prices-up-2-9-in-a-year

New California housing laws 2020

An existing law that requires 90 days’ notice to renters who are evicted from a foreclosed property will stay on the books. The law was set to expire, but lawmakers made it permanent.

 

Strict new limits on rent increases will mean landlords can raise rates no more than 5% plus inflation each year. Renters in cities with existing, stricter controls will keep them, and some evictions will become harder to implement.

 

California homeowners will have more flexibility to build “granny flats,” or small housing units, on their properties.

 

San Diego median home price hits all-time high of $594k

Dwindling home inventory and low mortgage interest rates have led to large price increases across Southern California

San Diego County’s median home price hit an all-time high of $594,455, pushed up by declining inventory and dropping interest rates.

Like much of Southern California, the county has seen sales increase as mortgage interest rates started dropping in the spring and competition heated up. The previous high in the county was $590,000 in June, according to CoreLogic data provided by DQNews.

The median home price has increased 5.2 percent in a year, a turnaround from a few months ago when prices were down year-over-year by 1 percent. With 3,180 closed transactions in November, sales were up 8.6 percent from the same time last year when interest rates were much higher.

read more at: https://www.sandiegouniontribune.com/business/real-estate/story/2019-12-19/san-diego-median-home-price-hits-all-time-high-of-594k