California Real Estate Blog
New California Housing Law has not Encouraged Building
Once seen as a possible death knell for single-family-home neighborhoods in California, a new law meant to create more duplexes has instead done little to encourage construction in some of the largest cities in the state, according to a new report. Senate Bill 9 was introduced two years ago as a way to help solve California’s severe housing [...]
San Diego Home Price Drops for the 6th Month
San Diego County’s home price has dropped for the sixth month and is close to erasing all yearly price gains. The median home price was $765,000 in November. It is down 10 percent from the all-time high of $850,000 in May as elevated interest rates have slowed the market. Sales — there were 2,288 in November — [...]
Almost Half of San Diego Homes have had a Price Reduction
The median home price in San Diego County has now dropped five months in a row to $775,000 — a reduction of $75,000 since since May. That means for-sale homes are sitting longer and, in the last two months, 42 percent have had their price reduced at least once. Sometimes, the price reductions can be substantial: Nearly [...]
San Diego Home Prices Drop for 5th month
San Diego County’s home price has now dropped five months in a row. The median home price was $775,000 in October. It reached an all-time high of $850,000 in May, but the market has slowed considerably with rising interest rates. From September to October, San Diego County’s median price dropped 2.2 percent, making it one of the biggest [...]
San Diego Rents Going Down for First Time in Years
Rents are down in San Diego County for the first time in years. The median price for a one-bedroom apartment in San Diego was down 4.6 percent to $2,500 a month, according to rental website Zumper, from September to October. It was the 15th-largest drop of the 100 biggest cities the website studied. National rents were down nearly [...]
San Diego Home Price Drop for 4th Straight Month
San Diego County’s median home price fell for a fourth month in September, down 6 percent from its peak in the spring. The median was $795,000, according to CoreLogic. It reached an all-time high of $850,000 in May, but the market — in San Diego and the rest of the nation — has slowed as mortgage rates [...]
Rising Mortgage Rates are Sending Home Prices Lower
For the first time in a decade, home prices in Southern California are falling. After 10 years of largely uninterrupted gains, home values have turned negative, the result of rising mortgage rates that have squashed demand and caused sales to plummet. The typical Southern California home price is now nearly 6% below the all-time high reached in [...]
San Diego Home Price Drops for Third Month
San Diego County’s median home price fell for a third month in August, down 6 percent from its peak in the spring. The median was $799,000, according to said CoreLogic/DQNew. It reached an all-time high of $850,000 in May, but the market in San Diego and the rest of the nation has slowed as mortgage rates continue [...]
A Cooling Housing Market gives Home Buyers more Leverage
Years of soaring home prices and sharply higher mortgage rates remain hurdles for many would-be home buyers, but new data show that they’re regaining some leverage at the negotiating table as the housing market slows. A recent analysis of home sale data shows that on average, U.S. homes purchased during a four-week period in August sold for less [...]
San Diego Home Prices Decline for 2nd Month in a Row
San Diego County’s median home price dropped for the second month in a row in July as rising interest rates spooked many buyers. The median home price was $800,000, said CoreLogic/DQNews on Wednesday. That was down from a peak of $850,000 in May. The median price is still up 9.5 percent in a year. Prices were down [...]
San Diego’s Unemployment is Lower than the Nation and State
The unemployment rate in San Diego County continues to drop, with many new jobs in retail. San Diego County’s unemployment rate was 3.2 percent in June. The county’s jobless rate is lower than California, at 4.2 percent, and the national average of 3.6 percent. Tourism continued to drive job growth in San Diego, rebounding from COVID-19 shutdowns, with [...]
San Diego County’s Median Home Price Drops
Prices for all San Diego home types took a dip in June. The median price for San Diego County's resale single-family homes — the point at which half the homes sold for more and half for less — was $931,000, down from its peak in April of $950,000. The June resale condo median was $630,000, down from [...]