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.