Tag Archives: san diego home prices

San Diego – Home Prices Decline Slightly

Posted on March 17, 2016 | Leave a comment

Home prices retreated slightly last month in San Diego County, but the median was still 3.5 percent higher than it was in February last year, real estate firm CoreLogic reported Wednesday.

The median home price was $455,000 in February, down 1.7 percent from January. The resale condo market took the biggest dip from $360,000 to $350,000.

The number of sales was up significantly from the typically sluggish January. CoreLogic recorded 2,648 home sales last month, up 11.7 percent from the month before and 2 percent from February 2015.

San Diego had the biggest month-over-month decline in the median home price of the six Southern California counties. Orange County came close, dropping 1.5 percent.

Andrew LePage, a CoreLogic research analyst, said dips in prices for January or February should be taken with with a grain of salt because those are the slowest months for sales.

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San Diego home prices rise smaller than national average

Posted on January 28, 2016 | Leave a comment

San Diego County home prices reached their second-highest peak for 2015 in December, real estate data firm CoreLogic reported Tuesday.

The median home price rose 8 percent in the last 12 months to $475,000, CoreLogic said. The month-to-month increase was 1.5 percent.

The median home price for December also happened to be the second-highest since August 2007 when the median price was also $475,000. The median was $476,000 in June 2015.

Sales were also up. In December, 2,210 resale homes were sold — up 163 from the year before. There were 1,107 resale condo sales and 344 newly built homes sold.

A large spike in December sales is rare, and why it happened is open to debate.

San Diego – Home Prices Up but Pace Still Slowing

Posted on January 3, 2014 | Leave a comment

San Diego County housing prices rose again in October, but the pace of growth continued to slow.

The S&P/Case-Shiller Home Price Index showed Tuesday that from September to October, the index grew 0.3 percent. That’s down from the 0.9 percent gain from August to September, and the 1.8 percent boost from July to August.

“We’re in a slowing appreciation environment,” said Michael Lea, a real estate professor at San Diego State University. “That kind of reflects the market fundamentals that we see.”

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Lea said although low inventory and fewer distressed sales are putting upward pressure on home prices, there’s a slowdown in demand, which is partially seasonal and also because interest rates have ticked up.

“Those factors have been in place for the last few months and I expect them to continue into spring,” Lea said.

The index compares repeat-sales prices of single-family homes. In October, it reached 194.07 for San Diego County, a 19.7 percent gain from October 2012. In September, the annual gain was 20.9 percent.

Lea said the market is returning to normal year-over-year appreciation levels, which he considers for San Diego to be in the 5 to 6 percent range. Annual 20 percent price gains are unsustainable and could lead to a bubble, he said.