Tag Archives: san diego real estate

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

disclaimer: for information and entertainment purposes only

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

disclaimer: for information and entertainment purposes only

San Diego home prices increases among highest in nation

San Diego was among the top three cities in the U.S. with the biggest annual home price increases in September, said a key real estate index released Tuesday.

The region’s home prices have risen 8.2 percent in a year, said the S&P Case-Shiller Indices. Only Seattle and Las Vegas had bigger increases in the 20-city index.

San Diego also made its way into the top three cities in the previous month. Before that, the last time it received that distinction was 2014.

Susan Wachter, a real estate economics professor at the Wharton School at the University of Pennsylvania, said San Diego’s price increases show steady job growth but, like much of the nation, a lack of homes for sale.

“Every job doesn’t come along with a new house. That’s the bottom line,” she said. “Supply doesn’t necessarily respond to demand, and it hasn’t.”

San Diego County added 24 new homes for every 100 jobs created from 2012 to 2016, according to building permits and the U.S. Census. As of September, the region was adding about 30 homes per 100 jobs.

San Diego’s yearly increase outpaced the nationwide gain of 6.2 percent and the other California cities covered by the index, Los Angeles (6.2 percent) and San Francisco (7 percent).

read more at: http://www.sandiegouniontribune.com/business/real-estate/sd-fi-case-shiller-ranking-20171128-story.html

disclaimer: for information and entertainment purposes only