Tag Archives: san diego home prices

San Diego home prices increases fall behind other Calif cities

San Diego County home prices in June increased 6.9 percent in a year, faster than the nationwide average but slower than other California cities, said the S&P CoreLogic Case-Shiller Indices released Tuesday.

Out of all the regions covered in the 20-city index, San Diego prices increased the eighth most in a year, tied with Tampa. Las Vegas had the biggest gain at 13 percent.

Nationwide home prices were up 6.2 percent, less than California on the index, including Los Angeles (7.4 percent) and San Francisco (10.7 percent).

San Diego had the second-slowest price increase of any city in the West, behind Portland with a 5.8 percent increase in a year. America’s Finest City spent several months in 2017 at the No. 3 spot on the index — outpacing other California cities and big markets like Denver, Boston and Atlanta.

“It’s a notable drop,” said Trulia economist Felipe Chacon. “It’s definitely not growing as quickly as these other places now.”

He said San Diego’s home price increases are still high, but wages in the region may explain why prices are going up slower than other California cities.

read more at: http://www.sandiegouniontribune.com/business/real-estate/sd-fi-case-shiller-20180828-story.html

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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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