California Real Estate Blog
San Diego County Built Fewer Homes Last Year
San Diego County built fewer homes in 2022 than it did the previous year despite a major political push for more housing. There were 9,642 homes built last year, said data from the Construction Industry Board, compared to 10,163 in 2021. The vast majority — 6,171 — were multi-family, mainly apartments, as well as some townhouses and [...]
San Diego Home Sales fall to Lowest Level in 35 Years
January is typically a slow month for home sales in San Diego — but this January was unusually slow. There were 1,682 home sales in January, CoreLogic reported, which was the lowest recorded in data going back to 1988. Unlike other times when the real estate market shifted — like the Great Recession — people aren’t losing their [...]
New San Diego Homes – Harder to Find and More Expensive
The number of people putting their old homes for sale in San Diego County has slowed dramatically — but don’t expect many options for newly built homes either.There are fewer new single-family homes hitting the market in 2023 than perhaps since the Great Recession.Developers state that less than 1,000 new single-family homes will be built in 2023. Guesses [...]
San Diego’s Median Home Price ends Year almost $100K off its Peak
San Diego County’s median home price ended the year down nearly $100,000 from its peak. The median home price was $756,000 in December, CoreLogic reported Thursday. That’s down from the record-high $850,000 reached in May. The median includes all single-family homes, townhouses, condos and is a mix of new and resale homes. There were 2,119 home sales [...]
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 [...]