San Diego Real Estate Newsletter June 2018 – Pete Saxon Realty

May 31, 2018

U.S. pending home sales slip 1.3%

“Pending home sales, which measure signed contracts to buy existing homes, fell a wider-than-expected 1.3 percent in April compared to March, according to the National Association of Realtors.” reports Diana Olick of CNBC.

It’s a sellers market!

We already knew that in San Diego but here’s a story from my hometown of Toledo, Ohio that says the same thing.  Incredible values available.

May 30,2018

County home prices outpace nation

“San Diego County home prices in March increased 7.7 percent from a year ago, outpacing most of the nation, a closely-watched housing index reported Tuesday,” according to S&P/Case-Shiller national index reports the San Diego Union-Tribune.

U.S. map of salaries needed to buy

howmuch.net website has a map of the U.S. showing how much salary is needed to purchase a home. No need to ask why people are fleeing California.

May 29, 2018

U.S. price increases not slowing down

MarketWatch reports that according to the S&P/Case-Shiller national index, “Home-price growth showed no sign of slowing down. Demand is strong, supply is short and favorable economic conditions are making it possible for many people to bid prices up.”

May 25, 2018

April sets another record in San Diego

San Diego Union-Tribune reports that “San Diego County’s median home price hit an all-time high of $570,000 in April, increasing 8.6 percent in a year, said real estate tracker CoreLogic. It surpasses the previous peak of $550,000.”

May 24, 2018

Interest rates reach 7 year high

“Home sales are slowing, spurring debate about whether the culprit is rising mortgage rates or low housing supplies,” queries this article in USA Today. In San Diego my unscientific, seat of the pants guess is that the market is peaking in some areas so prices are stabilizing and properties remaining on the market longer. However, despite attention grabbing headlines, we are a long way from a bubble.

May 10, 2018

Solar panels mandated on new homes

“The California Energy Commission (CEC) passed a first-in-the nation rule Wednesday, mandating all new homes constructed in the state be equipped with solar panels,” reports the San Diego Union-Tribune.

May 7, 2018

U.S. buyer confidence at all time high

CNBC reports, “Supply is tight, prices are soaring and mortgage rates are rising. That shouldn’t exactly add up to a happy housing market, and yet, it does. Consumer confidence in housing jumped to its highest level on record in April, according to a monthly sentiment index from Fannie Mae.” In my 40+ years selling residential real estate this has always happened. Interest rates go up and people think they will be priced out of the market so they start buying. There is such a low supply of homes to sell now that prices are being driven up faster and even higher.

San Diego Real Estate Newsletter May 2018 – Pete Saxon Realty

April 30, 2018

U.S. Pending home sales up slightly

“Signed contracts to purchase existing home rose just 0.4 percent in March compared to February, according to a monthly pending home sales index from the National Association of Realtors. February’s reading was revised down,” according to CNBC’s Diana Olick. Lack of inventory and rising interest rates were noted as reasons for the smaller increase.

April 25, 2018

County 7th highest price increase in U.S.

“The region’s home price increased by 7.6 percent in a year, said the S&P CoreLogic Case-Shiller Indices. Seattle had the biggest increase in a year at 12.7 percent,” according to the S&P CoreLogic Case-Shiller Index and reported in the San Diego Union-Tribune.

April 24, 2018

Values jumped 6.3% across U.S.

CNBC‘s Dianna Olick reports, “Home values nationally jumped 6.3 percent in February compared with a year ago, according the S&P CoreLogic Case-Shiller Home Price Index.”

New median price record in county

“The median for a resale single-family home hit $608,750, a new peak, in March with 2,126 sales. Resale condos were at a median of $418,000 with 1,038 sales, and down from a peak of $425,000 reached in February. Newly built homes were a median of $619,500 with 365 sales, down from a peak of $792,250,” reports Phillip Molnar of the San Diego Union-Tribune about last month’s CoreLogic data.

April 11, 2018

How buying advice to ignore…

REALTOR.com article discusses common misconceptions home buyers can have concerning how to choose a property to buy. However, in this market with such a dramatic shortage of inventory buyers don’t have many options when choosing a property to purchase.

April 9, 2018

Prop 13 target of Sacramento

“Long discussed among liberal and Democratic activists, the proposed initiative would redefine Proposition 13’s limits on property taxes to focus mostly on homeowners. Commercially owned properties would be assessed at market values — a change the group believes could generate as much as $11 billion a year for local services and schools.” I’ll let you draw your own conclusions about this article in the San Diego Union-Tribune.

April 6, 2018

San Diego rents set record

“The average rent in San Diego County hit a record $1,887 a month in March, increasing 8 percent in a year, said a new report released this week,” reports Phillip Molnar in the San Diego Union-Tribune. That amount of monthly payment will buy approximately $425,000 in mortgage payments for a fully amortized 30 year loan at 5.25%.

April 5, 2018

Home buyers offering sight unseen

CNBC article states, “Already, house hunters are waiving inspections, making offers without even seeing homes and bidding well above asking price.” If you’re a seller in a market like this you need to be very careful accepting an offer from a buyer who hasn’t seen your property.