Tag Archives: san diego real estate

San Diego home prices up 2.9% in a year

Home prices were up 2.9 percent annually in San Diego County as of October, part of a rising tide of nationwide price increases, the S&P CoreLogic Case-Shiller Indices reported Tuesday.

The gain was below the national average of 3.3 percent, but it still represents a reversal of fortunes for San Diego County after months of having some of the lowest price increases in the nation. Home prices were going up at annual rate of around 1 percent for the first six months of the year.

Even with the increase, which experts largely attribute to falling mortgage interest rates, it is still below the 3.8 percent annual increase recorded for San Diego County a year earlier.

read more at: https://www.sandiegouniontribune.com/business/real-estate/story/2019-12-31/san-diego-home-prices-up-2-9-in-a-year

Annual San Diego home price gain slows to 1.3%

Annual home price gains in the San Diego metropolitan area, along with much of the nation, slowed in June, said the S&P CoreLogic Case-Shiller Indices released Tuesday.

San Diego metro home prices were up 1.3 percent in a year, down from 6.9 percent at the same time last year.

It has been the most expensive home markets that have seen the most lackadaisical gains. New York metro rose 1.1 percent and San Francisco saw a gain of 0.7 percent. Seattle was the only metro in the 20-city index to see a price drop, down 1.3 percent.

Analysts attribute the slowdown to affordability constraints, changes in the tax code that make buying in high cost markets less advantageous and changing buyer attitudes. Still, prices are still rising, increasing 3.1 percent nationwide.

Phoenix had the biggest annual gain, up 5.8 percent in a year, followed by Las Vegas at 5.5 percent and Tampa at 4.7 percent.

In June, San Diego metro had the sixth most price reductions of the 20 largest metro areas in the nation, about 21 percent of homes, said an analysis of Zillow data by the The San Diego Union-Tribune. When the market was at its hottest, around the beginning of 2017, only 8 to 9 percent of homes had a reduction.

The Case-Shiller indices take into consideration repeat sales of identical single-family houses as they turn over through the years. Prices are adjusted for seasonal swings. The San Diego County median home price for a resale single-family home in June was $649,000, said CoreLogic.

read more at: https://www.sandiegouniontribune.com/business/real-estate/story/2019-08-27/annual-san-diego-home-price-gain-slows-to-1-3

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San Diego: Study says you need to make $131k a year to afford a home

San Diego was one of the least-affordable U.S. metro areas for buying a home in the second quarter, said a recently-released study from mortgage website HSH.

Potential buyers needed to make $130,986 a year to afford the median-priced single-family house.

Only two other metro areas were less affordable — San Jose and San Francisco — said the study, which crunched numbers for 50 regions across the United States.

HSH determined rankings by looking at quarterly home price data, local property taxes, homeowner insurance costs and income needed to qualify for a loan. It also assumed that prospective homebuyers made a 20 percent down payment.

The most affordable metropolitan area was Pittsburgh where the required annual salary to afford a median-priced home was $38,253. Other affordable cities for homebuyers were Cleveland ($39,253), Oklahoma City ($40,780).

Keith Gumbinger, HSH.com’s vice president, said rising mortgage rates are only a small part of the difficulty for potential buyers.

“Unfortunately, even if rates don’t go up very much,” he said, “part of the issue we run into is that home prices are rising so quickly.”

San Diego has been locked at the No.3 spot since HSH expanded the study to 50 metros three years ago. Los Angeles was No.4, which usually is seen as less affordable than America’s Finest City — but Gumbinger said the larger pool of homes in Los Angeles reduced the median cost in comparison to San Diego.

read more at: http://www.sandiegouniontribune.com/business/real-estate/sd-fi-hsh-study-20180820-story.html

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