Tag Archives: san diego real estate market

San Diego Among ‘Hottest” Market

The median online listing time for a home in San Diego County was 37 days on market, down from 41 the month before. It had reached the No. 5 hotness spot, its highest ever, on the list in January. San Diego averages around 10.

Although what may considered a “hot” market for some, particularly sellers, might not be others.

“Market hotness has very different meanings,” said Javier Vivas, economic researcher for Realtor.com. “In our very basic interpretation, we’re simply saying there is pent up demand and limited supply.”

A lack of homes for sale, coupled with job growth and low interest rates, have pushed home prices up 6.4 percent in the last 12 months in San Diego County — making purchasing a home increasingly difficult for first-time buyers. The median home price here was $489,000 in April, said real estate tracker CoreLogic.

read more at: http://www.sandiegouniontribune.com/news/2016/may/27/eight-hottest-market-realtor/

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San Diego: Home Price Growth Slows

The pace of annual home price appreciation in San Diego County continued its dive in May, dropping by about 3 percent for the second consecutive month.

The S&P/Case-Shiller Index showed Tuesday that from May 2013 to May 2014, home prices in San Diego County rose 12.4 percent, down from 15.3 percent in April, and 18.7 percent in March. The slowdown is coming as the county’s housing market has not maintained the investor-led appreciation that quickened the home price recovery in 2013. Annual appreciation has been on the decline since peaking at 21.5 percent in August 2013.

David Blitzer, chair of the index committee at S&P Dow Jones Indices, said nationwide home prices are rising at their slowest pace since February 2013.

“Housing has been turning in mixed economic numbers in the last few months,” he said. “Prices and sales of existing homes have shown improvement while construction and sales of new homes continue to lag. At the same time, the broader economy and especially employment are showing larger improvements and substantial gains.”

The index, which lags two months, measures repeat sales of single family homes. From April to May, prices in the county rose 0.5 percent, second slowest on the 20-city index behind Phoenix’s 0.4 percent monthly gain.

Read more at:  http://www.utsandiego.com/news/2014/Jul/29/case-shiller-real-estate-may-appreciation-sales/

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San Diego: Home Sale Price Increase Leveling off

Home prices in San Diego County climbed in May but at less than half the pace they did a year earlier.

Last month, the median price for a home sold in the county was $440,000, a nearly seven year high that is up 8.2 percent from $406,500 in May 2013, real estate tracker DataQuick reported Wednesday. However, that appreciation rate pales in comparison to the 21.3 percent gains seen from May 2012 to May 2013, the midst of the housing recovery. The county is now on the brink of hitting its lowest year-over-year appreciation in home prices since 7.9 percent in August 2012.

“The sort of price spikes we saw this time last year – annual gains of 20 percent or more – are less likely today given affordability constraints, higher inventory and the drop-off in investor purchases,” DataQuick analyst Andrew LePage said in a statement.

The higher median prices are also dampening sales. In May, 3,654 transactions closed, 10 fewer than in April. Typically, activity jumps in the spring and summer months, which are considered peak buying season. In May 2013, there were 4,236 transactions, 444 more than in April 2013.

“This year just isn’t rolling as fast, things are leveling off,” said Mark Goldman, a loan officer and real-estate lecturer at San Diego State University. “We’re entering into a period of a stable market that’s experiencing some sort of equilibrium. There are no particular forces that are creating incentives for sellers to sell or buyers to buy.”

Interest rates are still low — the average in May for a 30-year fixed was 4.19 percent — but Goldman noted that household incomes are flat, which hurts affordability. Inventory, still low by historical standards, hit 7,000 active listings in May for the first time since March 2012, the San Diego Association of Realtors reported separately.

read more at: http://www.utsandiego.com/news/2014/jun/11/dataquick-may-home-sales-mortgage-realestate/

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