Home sales in San Diego County jumped 14.7 percent in September from the same time last year, which analysts largely attribute to a drop in mortgage rates.
There were 3,393 sales in September, said CoreLogic data provided by DQNews, up from 2,959 in September 2018.
At the same time, home prices dipped slightly. The median home price was $570,000 in September, down from $575,000 at the same time last year. It marks the second consecutive month of declining prices.
The median home price includes several home types. Here is how they fared in September:
- Resale single-family: Median of $615,000, down from the peak of $649,500 reached in June. There were 2,216 sales, up 16.4 percent from the same time last year.
- Resale condo: Median of $423,000, down from a peak of $440,000 in August. There were 991 sales, up 12.7 percent from September 2018.
- Newly built: Median of $622,750, down from a median of $812,500 in October 2018. There were 290 sales, up 9 percent from the same time last year.
read more: https://www.sandiegouniontribune.com/business/real-estate/story/2019-10-30/san-diego-county-median-home-price
San Diego County’s median home price in August was down annually for the first time in seven years, albeit a small reduction, real estate tracker CoreLogic said Wednesday.
The median price of $584,000 was down 0.1 percent from the same time last year at $584,500. The last time prices were down year-over-year was March 2012.
On the flip side, there were signs the housing market was picking up in August. There were 3,835 home sales, up 1.9 percent from the same time last year. That’s after annual sale declines for the majority of the year.
San Diego County is not alone in the slowdown, with sluggish price gains across the nation — especially in high cost markets — for most of the year. Analysts have cited affordability constraints, changes in the tax code and comparatively slower wage growth as reasons.
read more at: https://www.msn.com/en-us/finance/realestate/san-diego-home-price-down-annually-for-first-time-in-7-years/ar-AAHQoD8
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The increase was the third-worst performing in the 20-city index and behind the nationwide average gain of 3.4 percent. It represents a continuing reversal for America’s Finest City, which had been experiencing annual home price increases of 7.3 percent at the same time last year — and was one of the top-gaining metro areas in the nation.
On the plus side for homeowners, San Diego metro’s home prices are still increasing and it is no longer the worst-performing metro in the closely-watched index. Seattle home prices were down 1.2 percent annually and San Francisco had a 1 percent increase, the lowest in California.
San Diego metro’s fate fits into a national trend of slowing price appreciation, especially for the most expensive markets. Analysts point to years of rising prices outpacing wages as a reason why the home market has cooled, even in spite of lower mortgage interest rates and near-record low unemployment.
read more at: https://www.sandiegouniontribune.com/business/real-estate/story/2019-07-30/san-diego-home-price-gains-lag-behind-nation
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