San Diego Real Estate Newsletter – April 2017

April 1, 2017

Poway’s Potato Chip Rock breaks!

“Jutting from the side of Mt Woodson, 2,000 feet above Lake Poway, Potato Chip Rock is a world famous hiking destination. Tens of thousands of photos on the web prove its popularity. But ultimately that popularity was its downfall… literally. Friday afternoon a seven-foot section, the tip of the chip, snapped off and fell to the lake below making quite a splash,” reports powaynow.com.

March 29, 2017

County home price appreciation 5.7%

This San Diego Union-Tribune article discusses the S&P CoreLogic Case-Shiller Indices for January which indicates that, “Of the 20 major regions followed by the indices, San Diego ranked No.14 in January — above Los Angeles, Phoenix, Cleveland and other markets.”

U.S. pending homes sales up 5.5%

Diana Olick of CNBC reports that, “A monthly index of signed sales contracts to buy existing homes rose 5.5 percent for the month and is 2.6 percent higher compared with February 2016, according to the National Association of Realtors. This is the second-fastest pace in more than a decade.”

March 28, 2017

U.S. home prices reach 31-month high

“The S&P/Case Shiller 20-city composite index, which tracks the nation’s largest cities, gained 5.7 percent year-over-year in January, up from 5.5 percent the previous month,” according to CNBC.

March 22, 2017

U.S. home sales slip 3.7%

REUTERS reports that, “U.S. home resales fell more than expected in February amid a persistent shortage of houses on the market that is pushing up prices and sidelining potential buyers.”

County home prices up 8.1%

“The San Diego County median home price dropped 1 percent in February to $492,000,” according to San Diego Union-Tribune. Home prices in San Diego increased 8.1% over the preceding year.

March 16, 2017

Mortgage rates up

“The average 30-year mortgage rate climbed to 4.30% from 4.21% last week, mortgage buyer Freddie Mac said Thursday. That is up from 3.73%,” according to USAToday. I believe this will be a trend over the next few years as the Federal Reserve releases its grip on artificially depressed interest rates.

March 15, 2017

San Diego 7th happiest in U.S.

Patch.com reports, “Two cities in San Diego County were recently ranked among the top happiest places to live in the United States by WalletHub.”

March 14, 2017

San Diego on “worst” list

“San Diego is the second worst market for renters in the country. That’s the word from Forbes’ 2017 ranking of 46 metropolitan areas, where only Miami is worse,” according to Forbes and reported in the San Diego Union-Tribune. . Now, if you were writing an article for a real estate investors magazine the headline would be, “San Diego BEST for owning income properties.”

March 9, 2017

Mortgage rates rise

“The 30-year fixed-rate mortgage averaged 4.21%, up 11 basis points during the week. The 15-year fixed-rate mortgage averaged 3.42%, up from 3.32%.,”  according to MarketWatch. This is going to be a common theme for the next few years as the economy continues to improve and function on its own without the support of artificially low interest rates.

March 6, 2017

Where millennials want to live

” A pair of studies released this week suggests that the majority of millennials want to live in the suburbs, have already started buying outside urban areas, and base their home buying decisions mainly on affordability,” reports Phillip Molnar of the San Diego Union-Tribune.