Tag Archives: san diego home prices

San Diego home price gains LAG behind nation

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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San Diego annual home price gains dip below 1%

Annual home price gains in the San Diego metropolitan area were below 1 percent for the first time since 2012, said the S&P CoreLogic Case-Shiller Indices released Tuesday.

San Diego metro home prices were up 0.8 percent in a year — a major change from one year ago when the market had seen a 7.8 percent annual increase.

April’s numbers reflect slowing price appreciation across the nation, which experts generally attribute to affordability issues after years of home costs outpacing wages. Nationally, home prices were up 3.5 percent with low-cost markets showing the biggest gains.

San Diego had the lowest price gain of the 20-city index, but Seattle had no price gain. Other slowed markets were Los Angeles, up 1.5 percent in a year, and San Francisco, up 1.8 percent in a year.

read more at: https://www.msn.com/en-us/finance/realestate/san-diego-annual-home-price-gains-dip-below-1-percent/ar-AADpy0V

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San Diego home prices gains slowest in nation for 2nd month

Home prices in the San Diego metropolitan area are going up, but slower than everywhere else in the United States.

San Diego metro’s home prices increased 1.3 percent in a year as of January, said the S&P CoreLogic Case-Shiller Indices released Tuesday. It was the smallest increase of the 20 cities covered in the index for the second month in a row.

Home price increases are slowing across the nation, with many experts citing increasing mortgage rates. The most expensive markets are seeing the biggest slowdown.

Before last month, San Diego had not been in the bottom of the index since October 1996 (when the index was 19 cities). The last time San Diego’s annual increases were so slow was July 2012.

Former top metros in the index were among the bottom. Los Angeles was up 2.9 percent in a year and San Francisco up 1.8 percent in a year.

Low-cost markets posted the biggest gains: Las Vegas was up 10.5 percent in a year, Phoenix up 7.5 percent and Minneapolis up 5.1 percent.

“In 16 of the 20 cities tracked, price gains were smaller in January 2019 than in January 2018,” wrote David Blitzer, managing director of the index. “Some cities were prices surged in 2017 to 2018 now face much smaller increases.”

Last year at this time, San Diego home prices were up 7.4 percent.

The indices evaluate home prices by more than just price, tracking repeat sales of identical single-family houses as they turn over through the years. Prices are adjusted for seasonal swings. The median home price for a resale home in January was $588,000, said CoreLogic.

West Coast markets were hit especially hard by rising mortgage rates because already high prices meant small interest rate changes were devastating for some potential buyers, said Steven Thomas, founder of Orange County-based Reports on Housing.

read more at: https://www.sandiegouniontribune.com/business/real-estate/story/2019-03-26/san-diego-home-price-gains-slowest-in-nation-for-2nd-month

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