Tag Archives: san diego home prices 2019

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.

read more at: https://www.msn.com/en-us/finance/realestate/san-diego-home-sales-up-for-first-time-in-a-year/ar-AAGtrh4

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San Diego home price increases fall behind nation, California

an Diego home price gains continued to slow in November compared to most of the nation and California, said the S&P CoreLogic Case-Shiller Indices released Wednesday.

Resale home prices in the San Diego metropolitan area increased 3.3 percent in the year, the third slowest of the 20 cities covered by the index. National home prices were up 5.2 percent in a year, with Las Vegas leading the pack with a 12 percent gain.

Home price increases in November were slower year-over-year nationwide, with many analysts attributing higher mortgage interest rates leading to decreasing affordability — especially in costly areas.

Los Angeles metro area prices increased 4.4 percent in a year, also below the national average. San Francisco was only slightly above with a 5.6 percent yearly gain.

Alan Gin, economist at the University of San Diego, said it is important to note that prices are still rising. However, he said home costs already being near record highs means there’s not much wiggle room for potential buyers.

“A lot of people right now are just priced out of the market,” he said. “That’s why you’re seeing sales slow, as well.”

Gin said other parts of the San Diego economy are still strong, especially with a low unemployment rate, so the region’s slowed home price increases might be an aberration.

read more at: https://www.sandiegouniontribune.com/business/real-estate/sd-fi-case-shiller-20190129-story.html#nt=outfit

disclaimer: for information and entertainment purposes only