Category Archives: General Information

General information and comments related to the San Diego Real Estate News blog.

San Diego Real Estate Newsletter – February 2018

January 31, 2018

Homes for sale at lowest since 1999

“The supply of homes for sale at the end of December fell to the lowest level since the Realtors began tracking it in 1999,” reports CNBC about National Association of REALTORS statistics for December 2017. In San Diego, the combination of lack of affordability for first time home buyers along with limited new construction attracting current home owners to “move up” dramatically limits the current resale activity.

January 30, 2018

U.S. home prices up 6.2% in November

“The supply crisis in the housing market is not letting up, and neither are the home price gains,” reports Diana Olick of CNBC. “Local metropolitan markets seeing the highest gains are those that were rising fastest before the financial crisis. San Diego, Los Angeles, and Las Vegas continue to see strong gains. Seattle and San Francisco are seeing the highest gains of all, due to strong employment and very tight supply in both those markets.”

San Diego interactive home price map

The San Diego Union-Tribune has published an interactive map showing median San Diego County sales prices for homes and condo  in December 2017.

January 25, 2018

County median sales prices near record

San Diego County median sales price for new and resale homes was $540,000 in December according to CoreLogic and reported by Phillip Molnar in the San Diego Union-Tribune. Listing inventory remains problematic, driving prices higher, “Listed homes for sale continued to decline in December, following a yearly trend, said the Greater San Diego Association of Realtors. There were 4,088 homes for sale in December, down from 5,241 at the same time in 2016; 5,851 in 2015; and 6,773 in 2014.”

January 24, 2018

U.S. December resales decline

Reuters article reports decline in U.S. resale home sales in December of last year. “The National Association of REALTORS attributed the sales decline in December, which followed three straight months of gains, to a perennial shortage of houses at the lower end of the market.”

January 11, 2018

Closed Sale – Poway

Poway Home For Sale
Poway Home For Sale by Pete Saxon Realty

Lots of potential in this three bedroom, two bath, 1066 sq. ft. twin home. Walk to elementary school. Close to shopping, dining and entertainment. Sold for $460,000.00 by Pete Saxon Realty

January 7, 2017

Feds predict weak U.S  housing market

The Federal Reserve’s Open Market Committee predicts that the residential real estate market will weaken more in 2018 reports the San Diego Union-Tribune. “committee members agreed the market ‘was still quite depressed,” according to fall figures. Starts of new single-family homes, demand for housing and home prices are still weak. In October, sales of new home slipped to its lowest level in 48 years.'”

January 5, 2017

Pending Sale

Escondido Lot For Sale
Escondido Lot For Sale

Lake Hodges view 1.3 acre lot. Gentle slope, private road, easy access to major shopping and freeways. Offered for $315,000.00.

More Information

San Diego Real Estate Newsletter – January 2018 – Pete Saxon Realty

December 28, 2017

San Diego median resale prices up 10.1%

The median resale home price in San Diego County in November 2017 was $600,000 according to the San  Diego Union-Tribune. Lack of inventory for sale remains the driving force behind the price increase.

December 27, 2017

U.S. pending home sales flatten

“After a stronger-than-expected surge through much of the fall, home buyers took a breather in November. Signed contracts to buy existing homes were flat for the month, up just 0.2 percent from October, according to the National Association of Realtors’ seasonally adjusted monthly index of pending home sales,” reports Diana Olick of CNBC.

More CA people living in their cars

Very interesting article by Chris Reed predicting  the Californians are, “going to decide to live in their cars, trucks, vans, campers and recreational vehicles — and once this demand is clear, automakers will start building more vehicles designed to be lived in, entrepreneurs will sell kits to convert existing vehicles into more comfortable homes and businesses will emerge that cater to vehicle dwellers’ needs.”

Recording fees going up

“New real estate recording fees will rise from $75 to $225 as of Jan. 1, under a new state law,” reports Roger Showley of the San Diego Union-Tribune. “County Assessor-Recorder-Clerk Ernest Dronenburg Jr. estimated about 40 percent of his 900,000 recordings a year will be subject to the fee.”

December 18, 2017

More San Diegans have roommates

“Roughly 38 percent of adults in San Diego County lived together in 2016, up from 28.6 percent in 2000, said research from real estate website Zillow,” The San Diego Union-Tribune article reports that, “Average rent in San Diego County hit an all-time high in September of $1,875 a month.”

December 12, 2017

Pending Sale – Poway

Poway Home For Sale
Poway Home For Sale by Pete Saxon Realty

Lots of potential in this three bedroom, two bath, 1066 sq. ft. twin home. Walk to elementary school. Close to shopping, dining and entertainment. Now offered for $475,000.00 by Pete Saxon Realty

December 8, 2017

San Diego housing forecast

It will be the same story for housing in San Diego next as it has been for the last couple of years according to the San Diego Union-Tribune. Higher rents, and increasing home prices will continue in the region due to lack of inventory and no significant new housing on the horizon.

December 4, 2017

San Diego region housing crisis

This is an excellent article in the San Diego Union-Tribune by Roger Showley and Phillip Molnar. Back in the 1980’s I attended a seminar about San Diego County housing and one of the speakers, Alan Gin I think, predicted exactly this outcome. He predicted the San Diego region would become a service economy where only the most highly paid professionals like doctors, scientists and engineers would be able to afford housing. It is exactly what has happened.

San Diego Real Estate Newsletter – December 2017 – Pete Saxon Realty

November 30, 2017

Market taking a pause?

After years of posting similar stories about rising prices due to low inventory and low interest rates it may be that the market has reached its peak or may just be taking a pause. In San Diego the median sales price dropped almost $20,000 from June of 2016. I’m seeing price reductions on the MLS for the first time in a while. It will be a month or two before we know if dropping prices is a trend. My guess is that it’s a leveling off and a real estate bubble bursting.

Price Reduced

Poway Home For Sale
Poway Home For Sale by Pete Saxon Realty

Lots of potential in this three bedroom, two bath, 1066 sq. ft. twin home. Walk to elementary school. Close to shopping, dining and entertainment. Now offered for $499,000 by Pete Saxon Realty

More Info
November 29, 2017

San Diego median home price up 4.4%

Phillip Molnar of the San Diego Union-Tribune reports on CoreLogic data showing San Diego County home prices have increased 4.4%  to $529,750 over October of last year. However, median prices have dropped below the all time high of $545,000 reached in June of this year.

November 28, 2017

San Diego third only to Seattle and Vegas

The S&P Case-Shiller 20 City Indices ranked San Diego County third in the country for price appreciation in September 2017 reports the San Diego Union-Tribune. San Diego home prices have risen 8.2% in a year.

Less expensive homes appreciate faster

There’s a well known cliche in real estate, “Buy the smallest, least expensive home in the best neighborhood” if you want the most appreciation. Diana Olick of CNBC writes about how lower priced homes are appreciating faster than their more expensive neighbors.

San Diego Real Estate Newsletter – November 2017 – Pete Saxon Realty

Coming Soon

Poway Home For Sale
Poway Home For Sale by Pete Saxon Realty

Midland Grove three bedroom, two bath single level twin home. Walk to elementary school, and Old Poway Park. Close to shopping, dining and entertainment.

October 31, 2017

County home prices up 7.8%

“San Diego had the third highest annual home price increase in the nation in August,” according to S&P Case-Shiller Indices and reported in the San Diego Union-Tribune. “Only Seattle and Las Vegas had bigger increases in the 20-city index.”

20 city home price index at all-time high

“The S&P CoreLogic Case-Shiller home price index rose more than expected in August, hitting an all-time high,” reports CNBC. “The latest report was a gain from the 5.9 percent increase in July.”

October 30, 2017

U.S. home prices slow first time buyers

“Home sales to first-time buyers dipped to 34 percent in 2017, the National Association of Realtors says,” reports Diana Olick of CNBC.  Her report continues,  “A big reason is the rise in student debt, which is crimping the finances of aspirational homeowners.”

October 24, 2017

Median Home Price Unchanged

San Diego County’s median home price was $535,000 in September, unchanged from August reports the San Diego Union-Tribune. “Sales hit a three-year low for September throughout Southern California, but the median home price was up 9.8 percent in a year in September to $505,000. The largest increase was in Orange County, at 10.9 percent, to a median of $710,000.”

October 20, 2017

U.S. existing-home sales up 0.7%

The National Association of REALTORS  reports, “Completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 0.7 percent to a seasonally adjusted annual rate of 5.39 million in September from 5.35 million in August. Last month’s sales pace is 1.5 percent below a year ago and is the second slowest over the past year (behind August).”

October 12, 2017

Sales, prices slower pace in 2018

The California Association of REALTORS predicts, “With the economy expected to continue growing, housing demand should remain strong and incrementally boost California’s housing market in 2018, though a shortage of available homes for sale and affordability constraints will be a challenge,”

 

 

San Diego Real Estate Newsletter – October 2017

September 27, 2016

U.S. pending home sales drop 2.6%

“A monthly index measuring signed contracts to buy existing homes fell 2.6 percent in August compared to July. That is the fifth drop in the past six months and below expectations,” according to the National Association of REALTORS as reported by CNN. We are missing the “move-up” market which is the backbone of the real estate market. We are still liquidating a large percentage of investor owned properties.

September 26, 2017

San Diego sets pace in July

San Diego Union-Tribune reports, “San Diego County home prices rose the most in California at 7.1 percent in a year, said the S&P Case-Shiller Indices, which are adjusted for seasonal swings. Nationwide home prices increased 5.9 percent in the same period, which was led by growth in the Pacific Northwest. Los Angeles and Orange counties increased 6.1 percent and San Francisco by 6.7 percent.”

U.S. home prices up more than predicted

Bloomberg reports on the S&P CoreLogic Case-Shiller survey of housing in 20 U.S. cities that show, “Buyers are competing for a limited number of for-sale homes, allowing sellers to boost asking prices. Property values are consistently outpacing wage growth, helping explain why the share of first-time buyers of previously owned homes in August was at a one-year low. At the same time, owners’ equity as a share of total real-estate holdings climbed in the second quarter to the highest level in 11 years.”

September 25, 2017

Fewer listings mean new price peaks

The San Diego Union-Tribune reports housing statistics on the first half of 2017 which shows the continuing trend of low inventory driving up selling prices in San Diego County. “Most notably, the number of homes for sale dropped sharply this year. There were 28,725 home listings in the first half, down from 33,890 the same time in 2016, said the Greater San Diego Association of Realtors.”

September 22, 2017

Triple housing production needed

“San Diego needs to roughly triple the number of homes it builds each year to keep up with demand and keep prices down, said a San Diego Housing Commission report ,” according to a story in the San Diego Union-Tribune. My question is  where?  The commission talks about increasing density in various ways because there is no more develop-able land in San Diego. I wish the politicians good luck with that if hey want to be re-elected.

September 21, 2017

57% would move due to housing expense

“More than half of registered voters in San Diego and Orange counties have considered leaving California because of high housing costs, said a poll from U.C. Berkeley’s governmental studies school,” write Phillip Molnar in the San Diego Union-Tribune. In the last couple of years I have worked with clients who have moved to Arizona, Wyoming and Idaho due to housing costs and quality of live issues in Southern California.

September 20, 2017

County median resale  price $585,000

CoreLogic statistics reported by the San Diego Union-Tribune indicate that the median price for a resale home in San Diego County was up 6.4% in August compared to last year.

September 16, 2017

Hey, wait a minute!

Diana Olick of CNBC reports on a “new” flat fee listing company. I’ve been offering flat fee listings for years. Real estates because of location, price, terms, condition and accessibility – not because of the name on the for sale sign.

San Diego Real Estate Newsletter – September 2017

August 31, 2017

360 degree listing videos

I’ve started creating 360 degree videos of my listings. The first is a video of a residential building lot overlooking Lake Hodges. This is new technology and the videos will improve as the cameras and editing software develop.

Local home building down from last year

“In the first six months of 2017, the county has issued 17.5 percent fewer permits than the same time last year,” reports Phillip Molnar of the San Diego Union-Tribune. “A lack of new homes pushes up prices because of fierce competition for a limited number of houses and condos. While higher home values are good for owners in most cases, it can make home ownership out of reach for many potential buyers.”

August 30, 2017

Closed Sale – Encinitas

Home For Sale Encinitas Ranch
Home For Sale Encinitas Ranch

Encinitas Ranch three bedroom, two and one-half bath with 2,114 sq.ft.  on premiere lot. Ocean and golf course views. Sold in one week for $1,070,000.00.

Appraisal rules loosened

According to a story by WTOL, “The nation’s two largest loan backers, Fannie Mae and Freddie Mac, are loosening their rules when it comes to lending. The mortgage giants are now allowing for home appraisals to be waived on certain loans.”

August 29, 2017

U.S. buyers compete for limited supply

Diana Olick of CNBC reports on how the drop in housing supply is driving up prices or resale homes across the U.S. “After flattening slightly in May, price increases jumped again in June, now up 5.8 percent nationally compared with a year ago, according to the latest release from S&P CoreLogic Case-Shiller.”

Oh No! San Diego prices drop…

“The San Diego median home price cooled slightly in July, ending a three-month streak of record-breaking peaks,” writes Phillip Molnar of the San Diego Union-Tribune. But that’s comparing June to July of 2017. The media always goes for the negative news to promote fear and anxiety. San Diego home prices were up 8.6% from June of last year but that’s not the headline they choose.

August 14, 2017

Buyers use smaller down payments

CNBC’s Diana Olick reports that “In the past 12 months, 1.5 million borrowers bought their homes with down payments of less than 10 percent, marking a seven-year high.” But as far as I’m concerned Yogi Berra said it best, “it’s deje vu all over again.” I’ve read this headline at least four other times in my 40 year real estate career. If there is a small hiccup in market values these home buyers can be upside down on their home loans pretty quickly. In our new culture upside down home buyers walk away from their loan obligations, the banks take the properties and the housing bubble starts all over again. Not to worry, Uncle Sam will bail us out.

August 9, 2017

San Diego affordability rate is 26%

“San Diego was one of the most expensive regions for home buyers in California in the second quarter of this year, with just 26 percent able to comfortably purchase the median-priced house,” reports The San Diego-Union Tribune. According to the article, lack of construction of new residential properties is a primary factor driving San Diego home prices higher.

August 6, 2017

Affordable new homes in Chula Vista

San Diego Union-Tribune story by Phillip Molnar discusses new home buying opportunities in Chula Vista’s Otay Ranch, “a new 1,504-square-foot townhouse for $378,000, around $200,000 less than what something similar would have cost them closer to downtown.”