Pete Saxon Realty Newsletter – August 2016

July 30, 2016

Pending Sale – Encinitas

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Gorgeous 3,200 sq.ft. single story home constructed in 2010 with high end finishes. Offered for $1,298,000.

July 29, 2016

Reverse commuting in San Diego?

Philip Molnar of the San Diego Union-Tribune writes an interesting article about workers commuting from downtown San Diego to work at jobs in the north San Diego County. “The study flips the script on the traditional housing pattern of people working in the city and commuting from the suburbs.”

3-D printed home construction

Digital Trends article about a 3-D printed home built  in just 45 days.  “Designed and built by HuaShang Tengda, this 3D-printed masterpiece was built completely on-site in one fell swoop — whereas other 3D-printed structures were manufactured at separate facilities and pieced together at a later time.”

July 28, 2016

Home ownership at 51 year low

“Just 62.9 percent of households owned a home in the April-June quarter this year, a decrease from 63.4 percent 12 months ago, the Census Bureau said Thursday. The share of homeowners now equals the rate in 1965, when the census began tracking the data,” reports U.S. News & World Report.

30 year mortgage up to 3.48%

” Long-term U.S. mortgage rates edged higher this week for a second straight week. They still are near historically low levels to encourage potential home buyers,” reports the Washington Post. Fifteen year fixed rate home loans are 2.78%.

July 27, 2016

U.S. pending sales up 0.2% in June

The Wall Street Journal reports on National Association of REALTORS statistics showing that, “pending home sales index, which tracks contract signings for purchases of previously owned homes, rose a seasonally adjusted 0.2% in June .” Real estate is local so the statistics for your neighborhood could vary from 2% significantly.

County home prices up 6.4%

“San Diego County’s median home price, adjusted for seasonal swings, increased 6.4 percent in the last 12 months, while Los Angeles and Orange Counties increased 5.4 percent,” reports the San Diego Union-Tribune.

July 26, 2016

U.S. home prices up 5%

“S&P/Case-Shiller Home Price Index rose 5%, matching April’s increase,” reports The Wall Street Journal. “After years of volatility, home prices have grown at a rate of around 5% since early 2015. Strong growth in home prices, along with growing demand for new homes, have helped make the housing market one of the strongest sectors of the U.S. economy in recent months. ”

July 20, 2016

County median price now $495,000

CoreLogic data for the month of June shows that the median price for a resale home in San Diego County is just short of one-half million dollars reports the San Diego Union-Tribune. The median price for a newly built home was $659,000. “Corelogic research analyst Andrew LePage said today’s market is growing for much of the same reason as the last housing boom — job growth, consumer confidence and tight supply — but, this time, it is propped up by low interest rates instead of risky home loans.”

Pete Saxon Realty Newsletter – July 2016

June 30, 2016

Brexit could push mortgage rate even lower

The Washington Post reports that mortgage rates have, “Already hit rock bottom this year. In the past month alone, 30-year fixed-rate mortgages have hovered around 3.7 percent, nearly a three-year low. Britain’s vote to leave the European Union is expected to drive rates even lower.”

San Diego #5 on REALTOR.COM

“Realtor.com®’s research team identified the hottest markets by factoring in which ones had the most views per listing on its website and saw the quickest inventory movement. In these markets, homes are selling 20 to 38 days faster than the rest of the U.S.,” reports REALTORMag.

June 29, 2016

U.S. pending home sales down 3.7%

The Wall Street Journal reports, “The National Association of Realtors’ pending home sales index, which tracks contract signings for purchases of previously owned homes, decreased a seasonally adjusted 3.7% in May from the prior month.”

County home prices up 6.3%

“San Diego County’s median home price increased 6.3 percent in the last 12 months, while Los Angeles and Orange counties increased 5.9 percent,” according to the San Diego Union-Tribune article reporting on the S&P/Case-Shiller Home Price Index.

June 28, 2016

U.S. home prices continue steady upswing

“The S&P/Case-Shiller Home Price Index, covering the entire nation, rose 5% in the 12 months ended in April, slightly less than a 5.1% increase in March.,” reports The Wall Street Journal.

June 25, 2016

Brexit and U.S. housing

Forbes online article speculates on the impact of Great Britain’s leaving the European Union on U.S. housing. I’ve been a real estate broker in San Diego since 1976 so I’ve been through many of these so called crisis. This one hasn’t even happened yet. Real estate is local, not international, so any impact on the San Diego housing market will depend on economic condition here, not in Europe.

June 24, 2016

Brexit and mortgage rates

Washington Post article quotes several sources on the impact the Brexit vote will have on U.S. mortgage rates. Most predict mortgage rates could fall to all-time lows in the short term but will  begin to stabilize and rise over time.

June 23, 2016

County median price now $490,000

San Diego Union-Tribune reports that CoreLogic data shows San Diego County median home prices are at their highest for 2016. Also, the number of sales was up, “Even as experts pointed to a lack of inventory as a cause of decreased sales in early 2016.”

County ZIPS above price peak

San Diego Union-Tribune slide show displaying the San Diego County zip codes that have exceeded their pre-recession price peaks.

June 22, 2016

U.S. existing home sales highest in 9 years

REUTERS reports on National Association of REALTORS statistics indicating that, “Existing home sales gained 1.8 percent to an annual rate of 5.53 million units last month, the highest level since February 2007.”

June 20, 2016

New Listing – Scripps Ranch

Scripps Ranch Home For Sale 11062 Melton Ct
Scripps Ranch Home For Sale 11062 Melton Ct

Upgraded three bedroom Scripps Ranch single family home. Newer appliances, carpeting and paint. Offered by Pete Saxon Realty in a range of $899,000.00 to $849,000.00.

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June 14, 2016

San Diego longest “break-even” time

“It takes nearly four years to get to the point where it makes more sense to buy than rent a home in San Diego County, the longest time of any metro area in the nation, said a Zillow study released Tuesday,” reported the San Diego Union-Tribune.

June 13, 2016

10% of renters planning to purchase

“Nearly half of renters — 48 percent — plan to buy a home in the future, with 10 percent saying that they plan to buy within a year, says CAR’s “2016 Renter Survey,” reports Hollywood Patch. Qualifying for a loan and down payment funds remain an obstacle for first time buyers.

June 11, 2016

Pending Sale – Escondido

Escondido Home For Sale - Exterior
Escondido Home For Sale – Exterior

Aurora Hills four bedroom, four and one-half bath executive home with 4,038 sq.ft. on over one-half acre corner lot. Offered for $799,900 by Pete Saxon Realty

June 6, 2016

New Listing – Poway Executive Home

Home For Sale Poway
Home For Sale Poway

Custom home overlooking the Maderas Golf Course, best view in Heritage. Downstairs master suite, formal office, wine closet, 4-car garage, very private estate. New custom built garage cabinets, full media center in family room, Marble flooring, 20 ft ceilings in master bedroom, family room and living room. Custom faux painting throughout. Beautiful double circular staircase entry. All Viking appliances, extensive built-ins throughout, Anderson windows. Sunny laundry room. Sweeping sunset views.

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