March San Diego Real Estate Newsletter

February 28, 2015

San Diego foreclosures down 18%

122 homes were repossessed last month in San Diego County which is an 18% drop over January 2014 according to a story in the San Diego Union-Tribune. Home prices continue to rise with a 7.4% gain last month to a median price of $435,000.00.

February 27, 2015

January pending sales up across U.S. story on National Association of REALTORS statistics showing the pending home sales (signed contracts-not closed sales) were up 8.4% compared to January 2014. Inventory of homes for sale remains low with a 4.7 month supply of homes on the market which is causing sales prices to go up. Economists say that a six month supply of homes for sale is “normal.”

February 25, 2015

A negative headline that’s good news

The editor of the San Diego Union-Tribune’s real estate page seems to think that anything less than 18% appreciation of resale homes is too low. However, this story points out that San Diego single-family home prices rose 4.8% in December 2014 which is three times the rate of inflation. I don’t know about you but I’ll take that appreciation rate on a consistent basis all day long.

February 24, 2015

Low inventory may slow sales

CNBC story by Diana Olick  talks about a low inventory of homes for sale across the U.S. and raising prices which could combine to slow sales activity in the Spring.

Home price gains in December

BloombergBusiness summerizes the S&P/Case-Shiller index of property values in 20 U.S. cities and reports that property values increased 4.5% in December compared to 4.3% in November. San Diego’s home prices dropped .25% in December compared to a .32% gain in November.

February 23, 2015

Existing homes sales down 6.9%

The Wall Street Journal reports on National Association of REALTORS statistics showing a 4.9% decline in existing homes sales across the U.S. in January. The median sales price was up 6.2% from a year earlier.

February 18, 2015

Mortgage applications drop

CNBC story reports that application for new home loans dropped in the first week of February as interest rates inched up to 3.93% from 3.84%. The report wants to attribute to drop in applications to the higher rate but the first week of February saw huge snowstorms in the Midwest and on the East Coast which could also play a role in the decline.

Median price up 7.4%

The median sales price for a San Diego County home in January was $435,000.00 according to CoreLogic DataQuick and reported in the San Diego Union-Tribune. Howver, January saw the fewest number of transactions since March 2008.

February 3, 2015

San Diego least affordable city has reported that San Diego is the least affordable city for housing in the U.S. according to a story in the San Diego Union-Tribune. Other cities have more expensive housing but a higher percentage of their residents can actually afford to buy a home because their salaries are much higher.