Tag Archives: san diego home prices

Slowest in nation: San Diego home price gains stall

Resale home prices in the San Diego metro area increased the slowest in the nation in December, 2.3 percent in a year, said the S&P CoreLogic Case-Shiller Indices released Tuesday.

While prices are still going up, slightly beating inflation, it is a major reversal of fortunes in the 20-city index considering San Diego prices were among the top four in the nation 13 months earlier.

The last time San Diego metro was in the bottom spot in the index was in October 1996, back when the index was 19 cities. It had never been in the bottom spot since it expanded to 20 cities in 2000.

The last time San Diego metro’s annual price increases were so slow was August 2012.

Annual nationwide price increases were 4.7 percent in December with the biggest price gains in Las Vegas (11.4 percent), Phoenix (8 percent) and Atlanta (5.9 percent).

Experts say rising mortgage interest rates are much of the cause of the slowdown in high-priced markets. David Blitzer, managing director of the index, said a major factor could also be wage growth not keeping up with housing costs. He said wage gains were around 3.5 to 4 percent last year, still below the nationwide home price increase.

“There have been a few places with very sharp reversals,” Blitzer said. “I think a lot of times prices are just outpacing people’s ability to pay in a lot of places.”

read more at: https://www.sandiegouniontribune.com/business/real-estate/sd-fi-case-shiller-20190225-story.html

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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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