Real Estate Newsletter – September 2016

August 31, 2016

San Diego & San Francisco up 6.4%

“Adjusted for seasonal swings San Diego County and San Francisco’s median home price increased 6.4 percent in the last 12 months, according to the June S&P CoreLogic Case-Shiller Indices,” reports the San Diego Union-Tribune. U.S. home prices were up 5% according to the same report.

August 24, 2016

Low inventory creates resale drop

US News reports that, “Sales of existing homes fell 3.2 percent last month to a seasonally adjusted annual rate of 5.39 million, the National Association of Realtors said Wednesday. The decline marks a reversal from rising demand that pushed sales in June to their highest level since February 2007.”

August 23, 2016

New home sales highest since 2007

The Wall Street Journal reports that, “Purchases of new single-family homes rose 12.4% in July from a month earlier to a seasonally adjusted annual rate of 654,000, the Commerce Department said Tuesday. That was the highest level since October 2007.”

August 20, 2016

San Diego home prices

The San Diego Union-Tribune’s “expert” panel discusses the impact of the cost of housing on the local economy and jobs. I’ve been selling real estate in San Diego County for 40 years and this has been a topic of discussion for 39 of those years but it is an issue.

August 19, 2016

Fewer owners with negative equity

“Bolstered by a strong real estate market, the number of San Diegans who owe more on their homes than they are worth dropped to 7.1 percent in the second quarter of 2016, said housing website Zillow. Nationwide, about 12.1 percent of homeowners are still underwater, Zillow said. Nearly one-third of Americans were underwater following the crash,” reports Phillip Molnar in the San Diego Union-Tribune.

Home ownership costs drop

“From 2007 to 2014, homeowner costs — including mortgage and maintenance expenditures — have dropped 17.8 percent while renters’ costs have gone up by 3 percent, said a new study from Apartment List Rentonomics that adjusted data for inflation,” reports The San Diego Union-Tribune.

August 16, 2016

Closed Sale – Encinitas

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Gorgeous 3,200 sq.ft. single story home constructed in 2010 with high end finishes. Sold for #1,200,000 by Pete Saxon Realty

August 11, 2016

Mortgage rates slightly higher

Washington Post reports that, “Despite indications that America’s labor market is surging again, home loan rates remained about where they have been.”

August 9, 2016

Closed 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. Sold for $786,000 by Pete Saxon Realty

August 8, 2016

Housing costs squeezing middle class

KPBS story and video concerning housing costs in San Diego County. “Homeowners in San Diego County may not feel it, but a housing crisis is underway in the region, and the middle class is especially hard squeezed.”

August 3, 2016

Loan demand lowest since February

“The Mortgage Bankers Association said its seasonally adjusted index of mortgage activity for home purchases, a leading indicator of housing sales, fell 2 percent in the week ended on July 29 to its lowest level since late February,” according to a report on Reuters.

August 2, 2016

San Diego rents more than San Francisco

San Diego Union-Tribune reports that, “San Diegans — as measured against a percentage of household income — paid more for rental housing than residents of San Francisco and even parts of Silicon Valley in the last few years, says a new report by London Group Realty Advisors that used the figure to illustrate a need for more housing.”