This San Diego-Union Tribune article analyzes the impact of all cash buyers on the San Diego County real estate market. According to the article 30% of residential real estate purchases in the county are all cash. This is resulting in first time buyers being shut out of the market and significantly driving up prices with over bids. Neither of these are good for a healthy real estate market.
San Diego Home Prices Outpace U.S.
The San Diego Union-Tribune reports that while home price increases began to slow around the country San Diego had its largest annual jump in eight years. But remember, these reports are talking about the pace of price increases since the real estate bubble burst. This cannot go on forever. It has to eventually cool off and I’m sensing that the cooling off is starting to happen here in San Diego. Cooling off is actually a good thing.
Nationwide the number of contracts to purchase an existing home dropped in July according to an article in Bloomberg News. As always, the percentage varied by region.
CNNMoney reports that home prices in the country’s 20 largest cities continue to rise but at a more moderate pace as interest rates creep up. Click the link to read the story.
USA Today article reports on the National Association of REALTORS statistics that show home sales up 6.5% in July.
Closed sale on this three bedroom, two bath home in great central San Diego location.