California Real Estate Blog
San Diego home prices, sales up in October
San Diego County’s median home price was $573,500 in October, lifted by a big increase in sales. There were 3,485 home sales, up 10.1 percent compared to the same time last year, said CoreLogic data. Experts have largely attributed the turn in the market to falling interest rates. The median price of $573,500 is an increase of [...]
San Diego’s personal income up 5.7 percent
Many San Diegans might have more money than they had at this time last year. The real per capita personal income of people in the San Diego metropolitan area increased 5.7 percent from 2017 to 2018, said data released by the U.S. Department of Commerce’s Bureau of Economic Analysis. That was higher than the nationwide increase of [...]
Public Banks can Now be Formed in California
California cities and counties will be allowed to establish public banks under a controversial bill signed into law Wednesday by Gov. Gavin Newsom, making California only the second U.S. state to allow such institutions. Public banks are intended to use public funds to let local jurisdictions provide capital at interest rates below those charged by commercial banks. [...]
San Diego Housing Panel OKs Movable Tiny Houses
San Diego officials say they plan to begin allowing movable “tiny houses” in backyards across the city, to help address the local homelessness and affordable housing crises. The tiny houses, which are similar to granny flats but smaller, can be built more quickly and cheaply than granny flats and will create a new source of low-cost housing [...]
FHA to make Financing Easier for Condo Buyers
In an effort to promote affordable and sustainable homeownership, especially among credit-worthy first-time buyers, the Federal Housing Administration (FHA) published a long-awaited final regulation, and policy implementation guidance, which establish a new condominium approval process. Designed to be flexible and responsive to market conditions, FHA's new condo rule and the new Condominium Project Approval section of the [...]
San Diego New Home Building Plummets
San Diego County had the biggest drop in homebuilding in Southern California in the first six months of 2019. The county constructed 43 percent fewer homes in the six-month period compared to the same time last year, said the Real Estate Research Council of Southern California. The slowdown comes at a time when city and state leaders [...]
San Diego Home Sales Up 10 Percent from a Year ago
San Diego County’s housing market picked up in July with sales rising 10.1 percent from a year ago as the median home price stayed flat, real estate tracker CoreLogic reported. The $580,000 median home price in July, showing no gain from the year before, was down from the all-time high of $590,000 the previous month. Even with [...]
Mortgage Rates Drop to Lowest Level in Three Years
Home buyers take note: long-term mortgage rates are now at their lowest level in almost three years. Freddie Mac reported the 30-year, fixed-rate mortgage returned to a 3-year low, averaging 3.6%. The rate sits below last week’s average of 3.75% and is also a significant decline from its 2018 rate of 4.59%, according to the Freddie Mac [...]
San Diego Home Price Hits all-time High: $590K
San Diego County’s median home price hit a record high of $590,000 in June despite declining sales, according to real estate tracker CoreLogic. In a sign of a gradual cooling of the housing market, there were just 3,641 home sales in June, the lowest for that month in eight years. Despite the new record median, price appreciation in [...]
You Can Get a Mortgage With a Low Credit Score
By: Kelley Walters A low credit score doesn't have to lock you out of home ownership. In fact, the credit score to buy a house can be as low as 580. A mortgage will probably cost you more (both in dollars and angst) than someone with stellar credit, but many lenders are willing to work with you. [...]
San Diego Median Home Price Stays at $570K
The San Diego County median home price stayed at $570,000 in May, the same as it was last May, said real estate tracker CoreLogic. Home prices reached a peak in August 2018 of $584,750 but the price mostly leveled off as sales started to decline. While the buying slump continues, there are some early signs the home [...]
Homebuilding Down in San Diego County
A historically low number of homes were built in San Diego County in the first three months of 2019. There were 1,180 residential permits pulled in the first quarter, a drop of 58 percent compared to the same time last year, said the Real Estate Research Council of Southern California. It was the most significant drop of [...]