California Real Estate Blog
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 [...]
Renting a House in San Diego just got More Expensive
Renting a house in San Diego just got more expensive. Rent for single-family homes in San Diego is up 10 percent in a year. The cost to buy a San Diego single-family home is out of reach for many, but renting one isn’t easy either. The median rent for a three-bedroom house in the first quarter of [...]
San Diego Resale Home Price Drops for the First Time in 2022
San Diego County’s resale home price dropped in May and may be the first sign of a cooling housing market. The resale single-family home price was $940,000, a $10,000 drop from the previous month, said CoreLogic/DQNews on Wednesday. This is the first time in 2022 that the resale home price has gone down, and is part of [...]
Fannie, Freddie Announce Equitable Housing Finance Plans
Fannie Mae and Freddie Mac have announced sweeping reform plans aimed at providing equitable access to sustainable affordable housing, from helping members of underserved communities become homeowners to ensuring that minority and underprivileged buyers are able to sustain homeownership. The three-year plans were announced jointly by the two government-sponsored enterprises (GSEs) as well as the Federal Housing Finance [...]
San Diego Home Prices Increase 29.6% in a Year
San Diego’s home prices accelerated at a level not seen in 18 years in March, as rising interest rates have not slowed the market. Home prices in the San Diego metro area rose 29.6 percent year-over-year in March, according to the S&P Case-Shiller Indices. That was up from 29.1 percent in February. Prices haven’t increased at this [...]
San Diego Single-Family Median Price now $1 million
For the first time, the median price of a single-family home in San Diego County reached $1 million in April, according to resale housing statistics compiled through the San Diego Multiple Listing Service by the Greater San Diego Association of Realtors. That price represents a 2.5% uptick from March and a nearly 20% increase from the same [...]
San Diego Home Prices hit Another Record: $805K
San Diego County buyers were unfazed by rising mortgage rates in March as the median home price hit a new high of $805,000. Home prices were up 18.7% in a year, said CoreLogic. The new median record — a combination of new and resale condos, townhouses and single-family homes — surpasses the previous peak in February of [...]
San Diego Homebuilding at a 15-year High
San Diego County built more than 10,000 homes in 2021, something that hasn’t happened in 15 years. There were 10,188 building permits pulled last year, up 7 percent from 2020, said data released by the Real Estate Research Council of Southern California. Construction was primarily led by new apartments, spurred on by the biggest rent increases in [...]
Fed Chair: We need to Raise Interest Rates Quickly
The Federal Reserve needs to move quickly to raise interest rates and normalize its monetary policy, according to Fed Chairman Jerome Powell. Between a strong job market and soaring inflation, "there is an obvious need to move expeditiously to return the stance of monetary policy to a more neutral level," Powell said during his address at the [...]