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
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
Disclaimer: for information and entertainment purposes only