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.
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.