San Diego Real Estate Newsletter August 2018 – Pete Saxon Realty

August 1, 2018

The two most important articles in this newsletter concern potential government intervention in the real estate market. The articles about a California statewide vote for rent control and the story about the City of San Diego forcing landlords to accept tenants with government vouchers are important to the future of property ownership in San Diego and California.

Is U.S. housing demand dipping?

CNBC’s Diana Olick reports that, “Red-hot home prices, rising mortgage interest rates, very few listings on the entry level, and a high rate of student loan debt have weighed on buyers for a while, but a strong economy and growing employment had mitigated those factors. Now, however, a market stalemate is developing as rates and prices continue to rise, further weakening affordability.”

July 31, 2018

San Diego prices outpace U.S.

San Diego Union-Tribune that “San Diego County home prices in May increased 7.3 percent in a year, faster than the nationwide average, according to the S&P CoreLogic Case-Shiller Indices. The San Diego median home price in May for a resale single-family home was $619,500, said CoreLogic.”

July 24, 2018

So Cal home sales drop 11.8%

“Southern California home sales hit the brakes in June, falling to the lowest reading for the month in four years,” reports Diana Olick of CNBC. This includes all homes including new homes so fluctuating new home construction will have an impact on the report.

San Diego home prices hit all time high

San Diego Union-Tribune reports that, “San Diego County’s median home price hit another record in June, reaching $575,000, while sales hit their lowest point in years, real estate tracker CoreLogic reported Tuesday.The previous record was $570,000 in May. Home prices have been steadily breaking records all year, with prices increasing 5.5 percent in a year as of June.”

July 3, 2018

Is rent control coming to San Diego?

“A statewide vote to allow more widespread rent control could have big implications for San Diego County if it passes,” writes Phillip Molnar in the San Diego Union-Tribune. Rent control is clearly beneficial to prospective renters but has a negative impact on the natural function of a supply-demand economy.

July 2, 2018

San Diego landlords may be forced to accept housing vouchers

David Garrick of the San Diego Union-Tribune reports that, “Aiming to prevent discrimination against the poor and minorities in a tight housing market, San Diego is considering a new law that would prohibit landlords from rejecting tenants because they use federal vouchers to help pay their rent.”