Tag Archives: home prices

San Francisco’s housing market is at tipping point

San Francisco’s housing market is at a tipping point is San Diego next.

A shortage of housing inventory, with demand that has not flatlined, has jacked up home prices at a faster pace than inflation and wage growth.

Among the biggest housing markets, San Francisco was the most expensive in the fourth quarter, according to the Federal Housing Finance Agency.

But sales, and home prices, are now slowing down, according to brokerage firm Redfin.

Redfin said last week that house prices in San Francisco fell for the first time in four years in March.

Their data also showed that the month-on-month decline in home sales relative to overall inventory was the most in the city, as people had a hard time selling.

“At some point something has to give,” Redfin CEO Glenn Kelman told Business Insider.

“There’s just been a change in the market where people feel much more careful, much more sober than they did in the fall. We started to see some of that late summer, where demand started to taper off. Houses would sit on the market an extra day, only get four offers instead of fourteen.”

A few things have spurred this recent declines, including the tech sector that contributes to a swath of the demand for housing in San Francisco.

The market sell-off at the beginning of the year impacted buyer sentiment because a lot of Silicon Valley workers get compensated in stock and equity. Also, many buyers that can afford high-end homes in excess of $1 million are linked to the tech industry.

And so anything that impacts market valuations potentially affects buying, said Redfin chief economist Nela Richardson.

Richardson said San Francisco’s softening is not a sign of worse to come for the national housing market. But it is for other markets like Washington D.C. where prices are far outpacing affordability.

read more at: https://www.yahoo.com/finance/news/san-franciscos-housing-market-tipping-100000868.html

disclaimer: for information and entertainment purposes only

New Home Prices Hit Record High

The median price for newly built single-family homes and condos in San Diego County shot up to a record high in December, while the number of new homes sold hit a record low for a December.

Last month, 284 new residences sold at a median $699,000, a 48 percent hike over the $473,250 median new home price in December 2012, when 419 new homes sold. The previous record for a median new home price was $553,000 in February 2008, when 330 units closed escrow, real estate tracker DataQuick reported Tuesday.

The new home sales may have skewed the data up due to a number of high-end closings scheduled to be on the books by the end of 2013.

“If builders are trying to get their business plan done by the end of the year, they may have phased in construction to close in December,” said Paul Barnes, president of Shea Homes San Diego, developer of various properties such as Civita in Mission Valley. “If a project is extremely high end and there’s not a lot of other competing activity you’ll get those aberrations.”

read more at: http://www.utsandiego.com/news/2014/jan/14/dataquick-construction-homes-realestate-housing/

Disclaimer: for information and entertainment purposes only

San Diego – Home Prices, Sales Slip In August

San Diego County home prices and sales slipped from July to August as the market took a breather from recent increases, DataQuick reported Thursday.

The median price last month was $415,000, down from $417,500 in July but still up 20.2 percent from year-ago levels.

Sales also were lower, down 9.5 percent from July to 4,099 transactions, a common seasonal dip. Total sales are up 3 percent from August 2012.

Has the value dipped in your neighborhood?  In some neighborhoods in San Diego value can differ from the county statistics.  Contact the appraisers at www.scappraisals.com for your home value or your real estate appraisal needs.

DataQuick President John Walsh said the trends, generally consistent across the six-county Southern California region, reflect fewer all-cash and investor buyers, still-tight inventory and rising mortgage rates.

“There’s something for everyone in today’s housing data,” Walsh said in a statement. “Sellers have seen an amazing price jump from just a year ago, allowing many to finally sell at a profit.”

Freddie Mac’s weekly primary mortgage market survey, also released Thursday, showed the 30-year, fixed-rate loan unchanged at 4.57 percent from last week, not counting origination fees. The most recent low was 3.4 percent in April.

“As we head into fall and winter, a slower time of year,” Walsh said, “we’ll probably see year-over-year price gains continue to taper.”

Michael Lea, a real estate professor at San Diego State University, said he was not surprised by the price dip but was “a little puzzled” that sales are not rising as fast as they should at this point in the economic cycle. “I would have thought sales would be picking up,” he said.

Read more at: http://www.utsandiego.com/news/2013/sep/13/tp-home-prices-sales-slip-in-august/