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Housing market slightly up in February

Posted by on Mar 28, 2014 in News | 0 comments

Housing market slightly up in February

San Diego County’s housing market picked up a little steam in February, but not enough to reverse a trend of declining sales and lower appreciation.

The median price for a home sold in February was $410,000, up from $405,000 in January and 14.2 percent from the $359,000 a year ago, real estate tracker DataQuick reported Wednesday. Annual appreciation has slowed since peaking at 24.1 percent in June, when the median was $416,000. Continue reading “Housing market slightly up in February” »

Heat returns to San Diego housing market

Posted by on Mar 28, 2014 in News | 0 comments

Heat returns to San Diego housing market

Case-Shiller index shows robust price gains in January

Shaking off an autumn lull, San Diego County’s housing market returned to brisk price appreciation in January, posting its biggest gain for that month since 2004, according to the S&P/Case-Shiller index.

The price index increased 0.6 percent in January from December, compared to a decline of 0.1 percent the previous month. On a seasonally adjusted basis, January’s increase of 1.8 percent was the highest monthly price gain in the 20 U.S. cities measured by S&P/Case-Shiller, which is considered highly accurate because it captures repeat sales of identical homes. Continue reading “Heat returns to San Diego housing market” »

Foreclosures continue to drop in county

Posted by on Mar 28, 2014 in News | 0 comments

Foreclosures continue to drop in county

Large gains in annual home price appreciation have continued to help keep the number of foreclosures in San Diego County at pre-Great Recession levels.

In February, banks repossessed 141 properties in the county, a slight decline from January and down 44 percent from the 252 foreclosures in February 2013, real estate tracker DataQuick reported Tuesday. Continue reading “Foreclosures continue to drop in county” »

Will housing inventory increase in Spring?

Posted by on Jan 31, 2014 in News | 0 comments

Will housing inventory increase in Spring?
  • Murtaza Baxamusa, directs planning and development for the Family Housing Corporation, of the San Diego Building Trades in Mission Valley:

Yes. A simple explanation of the low inventory of existing home sales last year was the lack of choices for owner-occupants to move to, and lingering uncertainty in family income and employment. As new homes are built, they will supplement the older inventory with more water and energy efficient products. On the demand side, the potential for higher mortgage rates and declining share of speculative cash buyers, is going to temper the irrational bidding up of prices. Continue reading “Will housing inventory increase in Spring?” »

$1M home sales at 6-year high

Posted by on Jan 31, 2014 in News | 0 comments

$1M home sales at 6-year high

San Diego County homebuyers last year purchased the most $1 million-plus properties since 2007.

In 2013, 3,519 properties worth $1 million or more sold in the county, a 48.7 percent jump from 2012, real estate tracker DataQuick reported Thursday. It was the highest number of seven-figure homes sold since 3,888 changed hands in 2007. In the summer, San Diego median home values saw 24 percent year-over-year appreciation. Continue reading “$1M home sales at 6-year high” »

Home prices flattening in the county

Posted by on Jan 31, 2014 in News | 0 comments

Home prices flattening in the county

San Diego County home prices were nearly flat from October to November, but are still up 18.7 percent over the year, the S&P/Case-Shiller Home Price Index showed Tuesday.

From October to November, home prices rose 0.04 percent on the index, continuing a steady monthly slowdown from the roughly 5 percent gains seen in the peak spring and summer buying season. Continue reading “Home prices flattening in the county” »

Sold! The 2013 real estate year in review

Posted by on Jan 31, 2014 in News | 0 comments

Sold! The 2013 real estate year in review

Historically low interest rates and limited inventory in 2013 fueled some of the greatest housing appreciation in San Diego County since the early 2000s.

“Last year, we saw home values catch up to where they should have been if we didn’t have that market correction in the last of the 2000s,” said Mark Goldman, a loan officer and real-estate lecturer at San Diego State University. Continue reading “Sold! The 2013 real estate year in review” »

Home prices up, but pace slowing.

Posted by on Jan 10, 2014 in News | 0 comments

Home prices up, but pace slowing.

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.”

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. Continue reading “Home prices up, but pace slowing.” »

Where will San Diego home prices go in 2014?

Posted by on Jan 10, 2014 in News | 0 comments

Where will San Diego home prices go in 2014?

What do you think the San Diego County median home price, now standing at $415,000 (via DataQuick), will be at the end of 2014? And why?

Murtaza Baxamusa, directs planning and development for the Family Housing Corporation, of the San Diego Building Trades in Mission Valley:

As the economy improves in 2014, demand from population and job growth in San Diego will continue to exert upward pressure resulting in about a 13 percent year-over increase in median home prices to $470,000. Expect a leveling off from the exuberant growth seen last year, as interest rates gradually rise, foreign investors seek other markets, and mortgage insurance criteria tightens. Although there will increased supply as the real estate, construction and development industries escalate recovery, sales price increases will make housing less affordable for San Diego families, whose incomes are expected to rise 3 percent, Continue reading “Where will San Diego home prices go in 2014?” »

Should you buy or sell a home during the holidays?

Posted by on Dec 13, 2013 in News | 0 comments

Should you buy or sell a home during the holidays?

Entertain out-of-town guests. Shop for Christmas gifts. Cook a big meal.

That’s one example of a to-do list for the Thanksgiving and Christmas holidays. How will you accomplish it all — much less squeeze in the substantial amount of time it takes to list or buy a home. That’s why so many folks don’t try to sell or buy a house near the end of the year.

But several local real estate experts strongly advise you to take advantage of the typically slower winter season to try to find a buyer for your house or to purchase one. Continue reading “Should you buy or sell a home during the holidays?” »