San Diego Real Estate Newsletter October 2018 – Pete Saxon Realty

This month’s real estate articles in local and national publications focus on slowing residential real estate price appreciation. Prices are still going up but at a slower pace. Your property’s value is dependent on real estate activity in your specific neighborhood. Prices and activity can vary on either side of a busy street depending on conditions in that specific location.

Be cautious when using the artificial intelligence property valuation tools like Zestimate or the ones you may find on your bank’s website. These are very generic and cannot know the specific conditions that effect property values in your location. They are marketing tools designed to entice you to contact them for information.

September 28, 2018

Median San Diego home price now $583k

San Diego County’s median home price hit an all-time high of $583,000 in August, real estate tracker CoreLogic reported,” writes Philip Molnar of the San Diego Union-Tribune.

September 27, 2018

U.S. pending home sales slow

Pending home sales fell slightly in August and have now decreased on an annual basis for eight straight months, according to the National Association of Realtors®.

September 25, 2018

San Diego price increases slow to 6.2%

Existing home prices in July for the San Diego metropolitan area increased 6.2 percent in a year, its slowest pace since January 2017, said the S&P CoreLogic Case-Shiller Indices,” writes Phillip Molnar of the San Diego Union-Tribune.

U.S. home price increase slows

Dianna Olick of CNBC reports on S&P CoreLogic Case-Shilller twenty city index. “Las Vegas, Seattle and San Francisco continue to see the biggest annual gains in home prices, with increases of 13.7 percent, 12.1 percent and 10.8 percent respectively. Five of the 20 cities saw home price gains accelerate annually compared with June.

September 24, 2018

More balanced market? data indicates, “Make no mistake: Prices are not exactly tumbling down—at least, not on the national level. And there’s no evidence on the horizon of a looming housing bubble about to pop and drag the world economy down with it. Median home list prices are still up 7% year over year this August, according to an analysis of data.”

September 20, 2018

California home sellers dropping prices

After three years of soaring home prices, the heat is coming off the U.S. housing market. Home sellers are slashing prices at the highest rate in at least eight years, especially in the West, where the price gains were hottest,” according to CNBC’s Dianna Olick.

U.S. existing home sales stable

MarketWatch reports “After falling for four straight months, sales of previously-owned homes stabilized in August. Existing-home sales were 1.5% lower than a year ago. And although sales seem to have stagnated in 2018, in the year to date, they’re only 1.2% lower than the same period a year ago.”

Fastest growing and declining U.S. housing markets

Like anything else, home prices are driven by supply and demand forces, which are highly correlated with the area’s economy, job market, and population changes. Demand tends to be higher in stronger economies, with a healthy job market, and a growing population,” according to USAToday article.