Category Archives: Newsletter

Monthly real estate newsletter featuring articles about San Diego County real estate

Pete Saxon Realty Newsletter – August 2017

July 31, 2017

Here’s why resale inventory is so low

Trulia has an excellent article explaining the low number of homes for sale across the U.S. Two factors on their  list and probably the main reasons San Diego’s inventory is so low are new home construction and investor ownership.

July 28, 2017

San Diego home building picking up

San Diego Union-Tribune article discusses San Diego economist Alan Gin’s report on jump in residential building permits. “June’s jump was the largest monthly increase since March 2005, but permits are still 17 percent behind last year’s numbers.” This is good news but several years away from having an effect on housing availability.

Sellers see highest profit in 10 years

CNBC’s Diana Olick reports that across the U.S,, “The average tenure of a homeowner who sold in the second quarter of this year came in at just over eight years,” which helped increase their equity and profit. I remember when the working theory in San Diego was that homes turned over every 5 to 7 years. The article states that people are selling and moving now because they are uncertain if they will be able to find a replacement property since inventory is so low.

July 26,2017

San Diego median price now $543,500

Phillip Molnar of the San Diego Union-Tribune reports on CoreLogic’s statistics, “San Diego County’s median home price hit another record in June with an imbalance of supply and demand continuing to push costs up.” Mr. Molnar’s article had a very interesting quote from economist Chris Thornberg, “prices will continue to increase in San Diego because affluent buyers, such as tech workers or researchers, are willing to pay top dollar for scarce housing. ‘Home prices are not set on the basis of average income in a community,’ he said. ‘Home prices are set on the basis of the average buyer. When you have a lack of housing — how most of coastal California does, like San Diego — the people who want to move there are willing to pay.”’

July 24, 2017

U.S. sales off 1.8%

Forbes reports that existing home sales in June slowed by 1.8% when compared to May but were up .7% over a year ago. I just love how the media picks the negative statistic to make their headline.

July 22, 2017

Pending Sale in 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. Offered in a range of $990,000.00 – $1,170,000.00.

More Information

July 21, 2017

San Diego housing crisis analyzed

Dan McSwain of the San Diego Union-Tribune analyzes the root causes and their effects on the San Diego regions housing availability and affordability. San Diego has an inventory shortage which is dramatically driving up prices. The cause? “Glaeser and Wharton economist Joseph Gyourko found that zoning and land use controls were the dominant forces driving up housing costs.” Government is the cause.

July 15, 2017

Prop. 13 reform?

San Diego Union-Tribune article discusses, ” real estate leaders are proposing to amend Proposition 13 to give homeowners a tax break when they sell and thus generate more supply and reduce pressure on prices.” The premise of the story is that home owners aren’t selling and “moving up” because of the increased property tax bill they would incur in a more expensive home. I don’t agree. People aren’t selling and moving up because of their sense of insecurity caused by the political activities in Sacramento and Washington. Also, there is no wage growth in San Diego County for first time buyers that creates a “move up” market.

July 9, 2017

Falling inventory across U.S.

“The number of starter homes on the market dropped by 15.6%, while the share of starter homes dropped from 23% to 22.1%,” according to a story on Trulia’s Trends Blog. Without starter homes for first time buyers then there is no “move up” market which traditionally drives healthy real estate markets.

Pete Saxon Realty Newsletter – July 2017

June 30, 2017

Ownership hits 50 year low

“The downward trend of home ownership began with the housing bubble burst and subsequent recession starting in late 2007, which resulted in as many as 10 million families losing their homes to foreclosure nationwide, according to the National Center for Policy Analysis. Not only were homeowners unable to pay off existing mortgages, but younger people entering the workforce for the first time were unable to qualify for mortgages, as lenders had to restrict lending practices dramatically,” according to CNBC.

June 29, 2017

County prices outpace U.S. and CA

“Low mortgage rates and lack of homes for sale throughout the nation are continuing to push prices up, wrote David Blitzer, managing chairman of the Index Committee at S&P Dow Jones Indices, in the monthly report.” The San Diego Union-Tribune reports that San Diego County home prices increased 6.6% while prices increased 5.5% nationwide.

June 28, 2017

U.S. pending sales off for third month

Lack of inventory in the affordable price ranges across the country is still having a negative impact on pending home sales according to the National Association of REALTORS.  “Pending home sales in the South declined 1.2 percent to an index of 123.4 in May and are now 1.4 percent below last May. The index in the West subsided 1.3 percent in May to 98.6, and is now 4.5 percent below a year ago.  ”

California pending sales off for fifth month

” California pending home sales fell for the fifth consecutive month, suggesting the state’s housing market may underperform over the next few months, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported. Pending sales in San Diego, San Bernardino, and Los Angeles counties declined from last May, but those counties had drops of less than 5 percent.” It’s all about inventory. How many For Sale signs have you noticed in your neighborhood?

Mortgage application drop 6%

Diana Olick of CNBC reports that, “Mortgage rates have been sitting at a six-month low for the past month, barely moving, but mortgage demand is still shrinking. Total application volume fell 6.2 percent last week, compared to the previous week. The Mortgage Bankers Association’s seasonally adjusted application index is now down 17 percent compared to the same week one year ago.” It’s not so much that buyers aren’t ready to buy, there’s just no inventory.”

June 21, 2017

County median price hits $530,000

“The San Diego County median home price hit $530,000 in May, breaking the nominal record set last month and increasing 8.2 percent in a year, real estate tracker CoreLogic reported,”  reports the San Diego Union-Tribune.

June 14, 2017

1% down payment mortgage

So, here we go again. The San Diego Union-Tribune reports on a new mortgage offering by Guild Mortgage that allows for a 1% down payment. These very highly leveraged loans can be a problem when real estate values slip just a little bit creating “underwater” loans.

San Diego Real Estate Newsletter – May 2017

April 30, 2017

New Listing – Carlsbad

Home For Sale - Carlsbad, CA
Home For Sale – Carlsbad, CA

IMMACULATE, Turn Key Carlsbad home. Five bedrooms, four and one half bath with 3,725 sq.ft. Home includes custom kitchen, upgraded cabinetry, canned lighting, large great room with ample sunlight and gas fireplace.

More Information
Video

County median price $515,000

The San Diego Union-Tribune states, ” San Diego County median home price reached $515,000 in March, its highest point in a decade and a 7.7 percent increase in a year,” as reported by CoreLogic. The highest median price reported in San Diego County was $517,500 in 2005 before the real estate collapse.

April 26, 2017

Buyer frustration drops demand in U.S.

CNBC’s Diana Olick reports that, “It may be the strongest seller’s market ever, but buyer frustration is now taking its toll. Some would-be shoppers are even choosing to sit the spring market out. Demand from homebuyers fell 14 percent in March from February…”

Best U.S. housing investments for 2017

Forbes compiled a list of their top 20 areas in the U.S. to invest in residential real estate. San Diego comes in at number 14.

California pending sales slip

“Even with a strong performance in March closed escrow sales, a shortage of available homes and robust price growth that’s eating away at affordability stifled pending home sales for the third straight month, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.),” reported. In San Diego County homes priced under $700,000.00 sell almost immediately if they are priced reasonably and in fair to good condition. Homes above $700,000.00 move a bit more slowly.

April 21, 2017

U.S. existing home sales up 4.4%

National Association of REALTORS article states, ” Existing-home sales took off in March to their highest pace in over 10 years, and severe supply shortages resulted in the typical home coming off the market significantly faster than in February and a year ago, according to the National Association of Realtors®. Only the West saw a decline in sales activity in March. ”

Mortgage rates lower but “so what?”

“You can say (low mortgage rates) are a boon for buyers, but there’s a problem with that — there’s nothing to buy,” says economist Matthew Gardner in a San Diego Union-Tribune article. This is a great time to be a home seller because there’s just not much competition from other homes for sale.

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.

San Diego Real Estate Newsletter – March 2017

February 27, 2017

Listing Sold – Escondido

Home For Sale Escondido
Home For Sale Escondido

Beautiful three bedroom, three bath, 2,598 sq.ft. executive home on 1.75 acres. Attached guest quarters includes bath and kitchenette. Offered for $889,000 by Pete Saxon Realty.

February 22, 2017

U.S. resales at 10 year high

Business Insider reports that, “Sales of existing condos, coops, townhomes, and single-family houses increased by 3.3% at a seasonally adjusted annual rate of 5.69 million, the highest since February 2007. Economists had estimated that sales rose 1.1% at a rate of 5.55 million, according to Bloomberg.”

February 20, 2017

Percentage of income for housing slightly higher

The San Diego Reader article by Don Bauder reports that, “Despite the staggering rise in San Diego home prices (the median is more than $500,000), the percentage of your income going to your mortgage is only a little bit higher than it was in the 1985–2000 period.” Interestingly, renters pay an average of 42% of their income for housing.

February 17, 2017

Are higher rates slowing housing?

The Wall Street Journal story suggests that. “Higher interest rates already are taking a toll on the U.S. housing market.” That may be partially true but as the article goes on to report fewer people moved setting a record low. People are most likely to purchase homes when they are feeling confident about their circumstances and not solely on current interest rates. We sold a lot of homes in the 1980’s when interest rates were well above 10%.

February 11, 2017

San Diego County prices by zip code

The San Diego Union-Tribune published two slide shows reporting the San Diego County Zip codes where prices went down in 2016 and zip codes where prices have increased since 2003. An interesting zip code is Coronado 92118 which ranked as #6 in both surveys. Home prices have gone up since 2003 in Coronado by 64.9% but in 2016 they actually fell by 3.92%.

Closed Sale – Poway

Pending Sale - Poway Pending Sale – Poway

Summerfield Estates four bedroom, two bath with 1,750 sq.ft on quiet cul-de-sac. Offered for $650,000.00.

Real Estate Newsletter – February 2017

January 31, 2017

San Diego home prices outpace U.S.

“Prices in San Diego County’s housing market in November outpaced the rest of the nation and California, said the S&P CoreLogic Case-Shiller Indices released Tuesday,” reports the San Diego Union-Tribune.

U.S. home prices continue heading up

The Wall Street Journal reports on S&P CoreLogic Case-Shiller’s statistics of the top U.S. housing markets that show, “The 10-city index gained 4.5% over the year, up from 4.3% last month, and the 20-city index gained 5.3% year-over-year, up from a 5.1% increase in October. ”

January 30, 2107

Virtual reality home marketing

San Diego Union-Tribune article about using virtual reality technology to market real estate listings.

January 25, 2017

Median San Diego price under $500K

“The typical home price in San Diego County ended the year under half a million dollars.  In December, the median home price was $495,000, real estate tracker CoreLogic,” and reported in the San Diego Union-Tribune.

January 24, 2017

U.S. home supply @ 17-year low

REUTERS article states that, “U.S. home resales fell more than expected in December as the supply of houses on the market dropped to levels last seen in 1999″ as reported by the National Association of REALTORS. 5.65 million resale properties sold in November 2016 which was the highest total since 2007.

January 19, 2017

Cities with housing shortages

The website Patch published a list of the ten U.S. cities with the highest shortage of homes for sale. Amazingly, San Diego is not one of them even though there is very low inventory of resale homes available to purchase.

January 13, 2017

Closed Sale – Poway

Pending Sale - Poway
Pending Sale – Poway

Summerfield Estates four bedroom, two bath with 1,750 sq.ft on quiet cul-de-sac. Offered for $650,000.00.

Pending Sale – Escondido

Pending Sale Escondido
Home For Sale Escondido

Lake Hodges area 3 bedroom, 3 bath on beautiful 1.75 acre lot. Offered for $889,000.00

January 9, 2017

Mortgage insurance rates reduced

“The Federal Housing Administration announced Monday it will reduce the annual insurance premiums most borrowers will by pay by a quarter of a percent, saving the average homeowner $500 this year, ” writes Phillip Molnar in the San Diego Union-Tribune. San Diego borrowers could save up to $1,200/year.

Home inventory drops

“In December, 1,781 single-family homes changed ownership in San Diego County, 8 percent fewer than in November and 11 percent below the level of December 2015,” according to the San Diego Association of REALTORS and reported by FOX5.

January 2, 2017

Mortgage rates move lower

The Washington Post reports that, “According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average tumbled to 4.2 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 4.32 percent a week ago and 3.97 percent a year ago.”

Just Listed – Escondido Executive Home

Home For Sale Escondido
Home For Sale Escondido

Beautiful three bedroom, three bath, 2,598 sq.ft. executive home on 1.75 acres. Attached guest quarters includes bath and kitchenette. Offered for $889,000 by Pete Saxon Realty.

More Information

San Diego Real Estate Newsletter – January 2017

December 31, 2016

Happy New Year!

My sense is that 2017 is going to be an interesting and important year in residential real estate. Homeowners who purchased their properties prior to the recession that started in 2005 now have equity in their properties again. This could mean the return of the “move-up” market which would create inventory of listings to purchase for first time home buyers. If this happens it will be the return of a “normal” real estate market.

County homes valued at $600 Billion

“Total value of homes in San Diego County reached $596 billion in 2016, up 6 percent from the year before, said a study by real estate website Zillow,” reports the San Diego-Union Tribune.

December 28, 2016

U.S. Pending home sales slow

The Wall Street Journal reports that, “A gauge of upcoming home sales dropped in November, a sign of weakening momentum for the U.S. housing market headed into 2017.” Real estate is local so the prediction of a weakening real estate market next year is very general. It could very well be different in your location.

December 27, 2016

San Diego home prices off 2.5%

The San Diego Union-Tribune article by Roger Showley states, “After reaching $507,500 in October, the median home price in San Diego retreated 2.5 percent in November to land at $495,000, the same level as in September, CoreLogic reported Tuesday. Still, the median last month was 5.6 percent higher than it was a year ago.” For the first time in a few years I am noticing that properties are closing escrow at prices below the seller’s original asking price. This is very healthy and shows a more normal balance between buyers and sellers.

December 21, 2016

Higher rates not slowing borrowing

Phillip Molnar writes in the San Diego Union-Tribune that local lenders are not seeing a slow down in borrowing since the presidential election. “The monthly mortgage cost of a San Diego County home has gone up $177 since the election, but that hasn’t stopped people from wanting to buy.”

December 8, 2016

Poway Schools #10 in CA

San Diego Union-Tribune reports that according to Niche the Poway Unified School District is the 10th best in California. “Niche bases its ranking on 10 different grades, including academics; teachers; health and safety; diversity; administration; resources and facilities; food; clubs and activities; college readiness; and sports. Academics makes up 50 percent of the weight of the final score.”

December 3, 2017

San Diego loan limit now $612,950

“Federal borrowing limits were increased for the first time in more than a decade last week because of rising home prices across the nation,” reports the San Diego Union-Tribune.

Real Estate Newsletter – December 2016

November 30, 2016

County home prices exceed $500,000

San Diego Union Tribune article and video reports that, “Pushed up by high demand and limited supply, the median price hit $507,500, up 11 percent from a year ago. It has still not reached the housing boom peak of $517,500 in November 2005. ”

November 29, 2016

U.S home prices recover to pre-recession levels

The Wall Street Journal reports that, “U.S. home prices have climbed back above the record reached more than a decade ago, bringing to a close the worst period for the housing market since the Great Depression and stoking optimism for a more sustainable expansion.”

SoCal residential construction to increase in 2017

“Industry leaders expect more construction of residential units in 2017 than this year, said the third quarter report from the nonprofit Real Estate Research Council of Southern California,” according to an article in the San Diego Union-Tribune by Phillip Molnar.

November 28, 2016

CA Supreme Court rules on dual agency

San Francisco Chronicle reports on a legal issue involving the role of real estate agents and their relationship with their clients. Most people don’t ever think about this issue or even consider it a problem but it has the potential of being a major issue.

One of the first classes offered in law school is Agency And Partnership where law students learn about fiduciary duty and the concept that one agent cannot serve two masters. The thing to remember is that the person we call agent when we’re listing or buying a home is not your agent in any legal sense. Your agent is the designated California Real Estate Broker under whose license your “agent” is working, probably as an independent contractor. So, when two licensees from the same real estate company represent the buyer and seller then there is a legal conflict. Which party does the agent owe a fiduciary duty to?

The National Association of REALTORS and California Association of REALTORS are powerful political lobbying groups and have been able to protect their members from complying with the same legal standard as other professions in regards to dual agency.

November 23, 2016

Existing home sales highest since 2007

Barron’s story reports that, “Sales of previously owned homes climbed 2% in October (5.9% year-over-year) to a seasonally-adjusted annual rate of 5.6 million, according to a Tuesday report from the National Association of Realtors.”

New home sales below estimates

“Sales of newly built homes edged down in October, a sign the housing market could be losing momentum in the closing months of the year,” according to The Wall Street Journal. “New-home sales account for a fairly small slice of U.S. home-buying activity, and sales data can be extremely volatile from month to month.”

Conforming loan limits raised

The Wall Street Journal reports that the Federal Housing Administration has raised their conforming loan limits effective next year. ” In pricier markets (normally including San Diego – check with your lender), such as New York and San Francisco, conforming mortgage limits will move to $636,150, from $625,500.”

2017 predictions not great for SoCal

“Homeownership rates will rise across the nation in 2017 after years of declines as more millennials enter the market, Zillow predicted Tuesday in its look-ahead report.

But, the Southern California market is not expected to see the same gains experienced in the rest of the country because of a lack of inventory and other factors, the home listing website said,” reports Phillip Molnar of the San Diego Union-Tribune.

November 18, 2106

So Cal interest rates increase

The San Diego Union-Tribune article discusses reasons why home loan interest rates have gone up after the November election. The story is essentially the same as the one that follows.

November 17, 2016

U.S. interest rates up after election

The Washington Post reports that interest rates went up following the election. “Since Trump was elected president, investors have flooded the stock market and pulled out of the bond markets.” Interest rates are headed up regardless of who was elected. I read recently that the average interest rate on a home loan over the last 30 years is a little over 8%.

November 16, 2016

Home builders remain upbeat

“U.S. builders say they are upbeat about the market for single-family homes, reflecting steady sales and a stable economy,” reports The Wall Street Journal. This is good news for the residential re-sale market as well since many new homes are purchased by buyers who have an existing home to sell creating more inventory.

November 15, 2016

Millennials and San Diego

“San Diego is beautiful, but if you’re a young person without a lot of cash, North Carolina doesn’t look half bad,” reports the San Diego Union-Tribune.

November 11, 2016

San Diego housing predictions

San Diego Union-Tribune article by Phillip Molnar tries to predict the effect of the new Trump Administration on San Diego housing. Rising interest rates seem to be a concern of local real estate experts but interest rates were going regardless of who was elected. They’ve been artificially depressed for too long. My concern is that once rates start moving up they don’t start accelerating at an uncontrollable pace like they did in the 1970’s.

November 10, 2016

Trump and affordable housing

MarketWatch article by Daniel Goldstein discusses how Donald Trump’s election as President might impact the affordable housing crisis in the U.S. My opinion is that if Mr. Trump can fulfill his campaign pledge of creating more well paying jobs for the middle class then the affordable housing crisis will solve itself. There’s nothing like a good, well paying job to make housing affordable.

November 8, 2016

Issues for buyers to consider

REALTORMag offers some good tips for home buyers to think about when considering a resale home. This is an article intended for REALTORS but good information for potential buyers too.

November 7, 2016

What percent of income for rent?

“Fifty-seven percent of county renters spent more than 30 percent of their income on rent in 2015, the latest U.S Census data shows, which is considered “cost burdened” by economists and federal agencies,” reports Phillip Molnar in his San Diego Union-Tribune story.

November 3, 2016

More housing for San Diego

“California needs to build 3.5 million homes by 2025 to keep up with population growth, says a new report from the McKinsey Global Institute, and local experts put the number around 170,000 new units for San Diego County,” reports Phillip Molnar in a San Diego Union-Tribune article.

Pete Saxon Realty Newsletter – August 2016

July 30, 2016

Pending Sale – Encinitas

ext2

Gorgeous 3,200 sq.ft. single story home constructed in 2010 with high end finishes. Offered for $1,298,000.

July 29, 2016

Reverse commuting in San Diego?

Philip Molnar of the San Diego Union-Tribune writes an interesting article about workers commuting from downtown San Diego to work at jobs in the north San Diego County. “The study flips the script on the traditional housing pattern of people working in the city and commuting from the suburbs.”

3-D printed home construction

Digital Trends article about a 3-D printed home built  in just 45 days.  “Designed and built by HuaShang Tengda, this 3D-printed masterpiece was built completely on-site in one fell swoop — whereas other 3D-printed structures were manufactured at separate facilities and pieced together at a later time.”

July 28, 2016

Home ownership at 51 year low

“Just 62.9 percent of households owned a home in the April-June quarter this year, a decrease from 63.4 percent 12 months ago, the Census Bureau said Thursday. The share of homeowners now equals the rate in 1965, when the census began tracking the data,” reports U.S. News & World Report.

30 year mortgage up to 3.48%

” Long-term U.S. mortgage rates edged higher this week for a second straight week. They still are near historically low levels to encourage potential home buyers,” reports the Washington Post. Fifteen year fixed rate home loans are 2.78%.

July 27, 2016

U.S. pending sales up 0.2% in June

The Wall Street Journal reports on National Association of REALTORS statistics showing that, “pending home sales index, which tracks contract signings for purchases of previously owned homes, rose a seasonally adjusted 0.2% in June .” Real estate is local so the statistics for your neighborhood could vary from 2% significantly.

County home prices up 6.4%

“San Diego County’s median home price, adjusted for seasonal swings, increased 6.4 percent in the last 12 months, while Los Angeles and Orange Counties increased 5.4 percent,” reports the San Diego Union-Tribune.

July 26, 2016

U.S. home prices up 5%

“S&P/Case-Shiller Home Price Index rose 5%, matching April’s increase,” reports The Wall Street Journal. “After years of volatility, home prices have grown at a rate of around 5% since early 2015. Strong growth in home prices, along with growing demand for new homes, have helped make the housing market one of the strongest sectors of the U.S. economy in recent months. ”

July 20, 2016

County median price now $495,000

CoreLogic data for the month of June shows that the median price for a resale home in San Diego County is just short of one-half million dollars reports the San Diego Union-Tribune. The median price for a newly built home was $659,000. “Corelogic research analyst Andrew LePage said today’s market is growing for much of the same reason as the last housing boom — job growth, consumer confidence and tight supply — but, this time, it is propped up by low interest rates instead of risky home loans.”

Pete Saxon Realty Newsletter – July 2016

June 30, 2016

Brexit could push mortgage rate even lower

The Washington Post reports that mortgage rates have, “Already hit rock bottom this year. In the past month alone, 30-year fixed-rate mortgages have hovered around 3.7 percent, nearly a three-year low. Britain’s vote to leave the European Union is expected to drive rates even lower.”

San Diego #5 on REALTOR.COM

“Realtor.com®’s research team identified the hottest markets by factoring in which ones had the most views per listing on its website and saw the quickest inventory movement. In these markets, homes are selling 20 to 38 days faster than the rest of the U.S.,” reports REALTORMag.

June 29, 2016

U.S. pending home sales down 3.7%

The Wall Street Journal reports, “The National Association of Realtors’ pending home sales index, which tracks contract signings for purchases of previously owned homes, decreased a seasonally adjusted 3.7% in May from the prior month.”

County home prices up 6.3%

“San Diego County’s median home price increased 6.3 percent in the last 12 months, while Los Angeles and Orange counties increased 5.9 percent,” according to the San Diego Union-Tribune article reporting on the S&P/Case-Shiller Home Price Index.

June 28, 2016

U.S. home prices continue steady upswing

“The S&P/Case-Shiller Home Price Index, covering the entire nation, rose 5% in the 12 months ended in April, slightly less than a 5.1% increase in March.,” reports The Wall Street Journal.

June 25, 2016

Brexit and U.S. housing

Forbes online article speculates on the impact of Great Britain’s leaving the European Union on U.S. housing. I’ve been a real estate broker in San Diego since 1976 so I’ve been through many of these so called crisis. This one hasn’t even happened yet. Real estate is local, not international, so any impact on the San Diego housing market will depend on economic condition here, not in Europe.

June 24, 2016

Brexit and mortgage rates

Washington Post article quotes several sources on the impact the Brexit vote will have on U.S. mortgage rates. Most predict mortgage rates could fall to all-time lows in the short term but will  begin to stabilize and rise over time.

June 23, 2016

County median price now $490,000

San Diego Union-Tribune reports that CoreLogic data shows San Diego County median home prices are at their highest for 2016. Also, the number of sales was up, “Even as experts pointed to a lack of inventory as a cause of decreased sales in early 2016.”

County ZIPS above price peak

San Diego Union-Tribune slide show displaying the San Diego County zip codes that have exceeded their pre-recession price peaks.

June 22, 2016

U.S. existing home sales highest in 9 years

REUTERS reports on National Association of REALTORS statistics indicating that, “Existing home sales gained 1.8 percent to an annual rate of 5.53 million units last month, the highest level since February 2007.”

June 20, 2016

New Listing – Scripps Ranch

Scripps Ranch Home For Sale 11062 Melton Ct
Scripps Ranch Home For Sale 11062 Melton Ct

Upgraded three bedroom Scripps Ranch single family home. Newer appliances, carpeting and paint. Offered by Pete Saxon Realty in a range of $899,000.00 to $849,000.00.

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June 14, 2016

San Diego longest “break-even” time

“It takes nearly four years to get to the point where it makes more sense to buy than rent a home in San Diego County, the longest time of any metro area in the nation, said a Zillow study released Tuesday,” reported the San Diego Union-Tribune.

June 13, 2016

10% of renters planning to purchase

“Nearly half of renters — 48 percent — plan to buy a home in the future, with 10 percent saying that they plan to buy within a year, says CAR’s “2016 Renter Survey,” reports Hollywood Patch. Qualifying for a loan and down payment funds remain an obstacle for first time buyers.

June 11, 2016

Pending 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. Offered for $799,900 by Pete Saxon Realty

June 6, 2016

New Listing – Poway Executive Home

Home For Sale Poway
Home For Sale Poway

Custom home overlooking the Maderas Golf Course, best view in Heritage. Downstairs master suite, formal office, wine closet, 4-car garage, very private estate. New custom built garage cabinets, full media center in family room, Marble flooring, 20 ft ceilings in master bedroom, family room and living room. Custom faux painting throughout. Beautiful double circular staircase entry. All Viking appliances, extensive built-ins throughout, Anderson windows. Sunny laundry room. Sweeping sunset views.

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