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San Diego Home Price Gains Slow

Posted on October 30, 2024 | Leave a comment

San Diego home price gains were the highest in the nation for six months. Now, things have taken an uncharacteristic turn.

The San Diego metropolitan area’s home price increased 5.7 percent annually in August, said the S&P Case-Shiller Indices report released Tuesday. That made it No.7 in the 20-city index after months of domination.

San Diego metro, which includes all of San Diego County, had the first or second highest price gains for 11 months in the closely watched index. New York topped August’s list, up 8.1 percent in a year, followed by Las Vegas, up 7.3 percent.

America’s Finest City wasn’t alone in a slowdown. The nationwide annual increase was 4.3 percent, down from 4.8 percent the previous month.

Buying in HOA? Review These Disclosures Before you Buy.

Posted on October 29, 2024 | Leave a comment

Before buying an HOA you review documents/disclosures so you can make an informed decision.

California Civil Code Section 4525 requires specific important disclosures be provided to members upon request, to give to prospective buyers. Well-run HOAs should have these many disclosures readily available. Here is a checklist for buyers, sellers, and managers:

Governing documents:

CC&R’s, bylaws, rules/regulations, Articles of Incorporation (or statement of non-incorporation), and Condominium Plan or Subdivision Map (not mandatory).

Finances:

Annual Budget Report (multiple items, see Civil Code 5300).

Annual Policy Statement (multiple items, see Civil Code 5310).

Assessments: Regular, special and any schedule future assessments.

Unresolved Problems:

Delinquent assessments, unpaid fines, and unresolved violations.

Unique Issues

Disclosure if age-restricted community.

Construction defect lawsuit information regarding defects disclosed to builder and (if settled) plans to repair them.

San Diego: Median Price, Sales of Homes Both Fall

Posted on October 9, 2024 | Leave a comment

Home prices continued to decrease toward the end of the summer as sales hit historic lows in what was the slowest August on record for San Diego County.

The county’s median home price was $875,000 in August, CoreLogic reported this week, down $20,000 from a peak reached in May. The median, which combines sales for newly built homes, resale condos and resale single-family homes, was still up 4.2 percent in a year.

There were 2,564 home sales in August, which is up from record lows (1,678 sales in January) but also makes for the slowest sales for an August — usually a busy month — in records dating to 1988. Other low points were 2,619 sales in August 2023 and 2,741 sales in August 1992.

The biggest change over the past few months has been an increased number of homes for sale. There were roughly 5,200 homes listed for sale in San Diego County in August, said the Redfin Data Center. That was near the high point of the year, and up from about 3,000 at the start of the year.

At the same time, mortgage rates were dropping. On the last day of August, the average interest rate for a 30-year, fixed-rate mortgage was 6.35 percent, according to Freddie Mac, down from a high point of 7.22 percent this year in May.

San Diego Home Price Gains Slow

Buying in HOA? Review These Disclosures Before you Buy.

San Diego: Median Price, Sales of Homes Both Fall

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