San Diego continued to slide down in rankings of the nation’s hottest real estate markets in October.
The S&P CoreLogic Case-Shiller Indices reported Tuesday that San Diego metro saw a 24.2 percent home price gain in a year, making it the sixth fastest-growing market in 20-city index. San Diego had been in the top two markets in the closely watched index for most of 2021.
Nationwide prices showed signs of finally cooling after record-setting pandemic gains, so San Diego metro (which includes all of San Diego County) was not alone in showing a slight deceleration. U.S. average home prices are still up 19.1 percent in a year.
read more at: https://www.sandiegouniontribune.com/business/story/2021-12-28/compared-to-the-rest-of-the-nation-san-diego-home-prices-gains-decelerate
Note: must take into account how many sales have closed; is there enough data (sales) to support a trend.
San Diego County home prices in May increased 7.3 percent in a year, faster than the nationwide average, said the S&P CoreLogic Case-Shiller Indices released Tuesday.
All the regions covered in the 20-city index experienced price increases, with San Diego near the top with the No.6 biggest increase (tied with Phoenix). Seattle had the biggest gain at 13.6 percent.
Zillow senior economist Aaron Terrazas wrote in an email that the report showed that the housing market was showing contradictory signals that the tide of rising prices could begin to turn.
A few of the factors he said that make it hard to tell what is next for the market: Rent growth has stabilized, which could make potential buyers less desperate to get into a home; Inventory is still historically low, but has increased in recent months; and housing starts are down, a sign that it is either too costly for builders to construct new homes or they anticipate less demand for buyers.
However, Terrazas said that a lack of homes for sale is still a large factor that will affect everyone looking to buy.
read more at: https://www.sandiegouniontribune.com/business/real-estate/sd-fi-case-shiller-20180731-story.html
If you sold a home in San Diego County last year, there’s a high statistical probability it sold for under asking price.
In 2019, 22.6 percent of homes sold for more than sellers were asking — a smaller amount than the hot post-recession San Diego market is used to.
In 2018, 25.1 percent sold above asking; 29.8 percent in 2017; 26.8 percent in 2016.
Zillow economist Jeff Tucker said the numbers are a reflection of a sluggish housing market in the start of 2019. He said there were still comparably higher mortgage interest rates at the start of the year and buyers were less likely to make a sale happen.
Breaking down the Zillow data further, San Diego County had 7.5 percent of homes in 2019 sell for asking price, and 68.9 percent sell for under.
Lower-cost markets were most likely to experience bidding wars. Spring Valley had the most homes to sell above list price at 35.1 percent. It was followed by 33.2 percent in Chula Vista and National City at 33 percent.
Carlsbad was least likely to face intense competition with 15.8 percent selling above asking.
Nationally, the best place to see home prices go above asking was San Francisco where 48.6 percent exceeded listing prices. It was followed by San Jose at 38.8 percent and Boston at 34.7 percent.
read more at: https://www.sandiegouniontribune.com/business/real-estate/story/2020-02-07/fewer-san-diego-homes-sold-for-above-asking-price-in-19