Tag Archives: san diego home prices

San Diego home prices increases continue to outpace nation

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

San Diego – fewer homes sold for above asking price

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

San Diego median home price hits all-time high of $594k

Dwindling home inventory and low mortgage interest rates have led to large price increases across Southern California

San Diego County’s median home price hit an all-time high of $594,455, pushed up by declining inventory and dropping interest rates.

Like much of Southern California, the county has seen sales increase as mortgage interest rates started dropping in the spring and competition heated up. The previous high in the county was $590,000 in June, according to CoreLogic data provided by DQNews.

The median home price has increased 5.2 percent in a year, a turnaround from a few months ago when prices were down year-over-year by 1 percent. With 3,180 closed transactions in November, sales were up 8.6 percent from the same time last year when interest rates were much higher.

read more at: https://www.sandiegouniontribune.com/business/real-estate/story/2019-12-19/san-diego-median-home-price-hits-all-time-high-of-594k