Tag Archives: san diego home prices

San Diego home price hits (another) record high $570,000

San Diego County’s median home price hit an all-time high of $570,000 in April, increasing 8.6 percent in a year, said real estate tracker CoreLogic. It surpases the previous peak of $550,000 from the month before.

The increase was largely led by the rising price of resale condos, going up 11.7 percent in a year to a record high median of $430,000 with 1,102 sales.

While the rising prices are notable, they still technically lower than prices at the height of the housing boom. In November 2005, the median hit $517,500, which would be more than $655,000 today after adjusting for inflation. Some economists argue comparing the current market to the last housing boom is faulty because the runup was based on unrealistic access to loans, and that’s not the case now.

In April, 3,717 homes sold, about the same as April 2017 when 3,640 sold.

It was not just condos that hit a record price in April, but resale homes. The highly desired resale home reached a record median of $610,500 with 2,258 sales.

read more at: http://www.sandiegouniontribune.com/business/real-estate/sd-fi-corelogic-april-20180523-story.html

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San Diego home price increases among highest in U.S. for 2017

San Diego had the fourth highest price gains in the nation in November, said a key real estate index released Tuesday.

The region’s home prices rose 7.4 percent in a year, said the S&P CoreLogic Case-Shiller Indices. Only Seattle, Las Vegas and San Francisco had bigger increases in the 20-city index.

San Diego had been in the top three cities for increases since August, representing a substantial rise in prices in 2017.

Price increases are rising throughout the nation, overall rising three times faster than the rate of inflation, as experts point to a lack of supply as the main factor.

“Since we have such historically low inventory, that has really caused prices to go up,” said Cheryl Young, senior economist at Trulia. “(At the same time) wages are growing, job growth is pretty strong and mortgage interest rates are very low.”

She said prices would likely continue to increase because the number of new homes built in 2018 is not likely enough to meet demand.

San Francisco had the biggest yearly price increase in California, 9.1 percent, but San Diego outpaced Los Angeles, which had a 7 percent yearly increase.

read more at: http://www.sandiegouniontribune.com/business/real-estate/sd-fi-case-schiller-20180130-story.html

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San Diego – Median home prices surpasses $500,000

The median home price in October exceeded a half-million dollars for the first time in a decade in San Diego County, real estate tracker CoreLogic reported Tuesday.

Pushed up by high demand and limited supply, the median price hit $507,500, up 11 percent from a year ago. It has still not reached the housing boom peak of $517,500 in November 2005.

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Part of last month’s price jump was due to a substantial increase in the price of newly built homes and resale condos.

The median price of a new home in the county was $765,000, a jump of 26 percent from the same time last year. There were 256 new home sales in October, up 20 percent from the same time last year.

But resale homes, which made up 63 percent of October sales, also powered prices up. The median price for a resale house was $549,000, up 9.1 percent, its biggest year-over-year increase in 2016. Sales came in at 2,259, up 5.5 percent from a year ago.

More than 1,000 resale condos sold, bringing the median to $385,000, up 10 percent in a year and its highest point since May 2007.

Andrew LePage, data analyst at CoreLogic, noted home sales were still at historic lows, about 6 percent below average for October going back to 1988. He said the lack of homes for sale continues to put pressure on the market.

“It comes down to job growth and limited supply,” he said.

read more at: http://www.sandiegouniontribune.com/business/real-estate/sd-fi-half-million-20161129-story.html

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