The median price of single-family, re-sale homes reached its highest level since November 2007.
Since the beginning of the year, the 3-month moving average median price has gained 6%.
The rise in prices is pulling home owners out from under water. We can see this in the large increases in active listings over the past two months.
Rising inventory has ameliorated the rise in prices. After 17 out of 18 months with double-digit price increases, year-over-year, the last three months have produced only single-digit price increases.
Price increases should continue to slow for the rest of the year.
To read the full report: San Diego Real Estate Market Report
Trends at a Glance
The Real Estate Report provides an automatic, easy to use, property analysis feature, a mini-CMA. You can access it in the Property Analysis tab. Input your address and get a list of properties around yours that have recently sold or are currently listed for sale, all on an easy to read map.
June Market StatisticsYear-Over-Year
- Median home prices increased by 6.5% year-over-year to $490,000 from $460,000.
- The average home sales price rose by 4.0% year-over-year to $620,491 from $596,738.
- Home sales fell by 31.6% year-over-year to 1,698 from 2,482.
- Total inventory* rose 26.8% year-over-year to 12,223 from 9,638.
- Sales price vs. list price ratio fell by 1% year-over-year to 98.1% from 99.1%.
- The average days on market fell by 12.3% year-over-year to 38 from 44.
Compared To Last Month
- Median home prices improved by 3.2% to $490,000 from $475,000.
- The average home sales price rose by 5.6% to $620,491 from $587,334.
- Home sales down by 8.7% to 1,698 from 1,859.
- Total inventory* increased 12.9% to 12,223 from 10,826.
- Sales price vs. list price ratio increased by 0.2% to 98.1% from 97.9%.
- The average days on market dropped by 9.9% to 38 from 42.
- Median condo prices increased by 7.4% year-over-year to $335,000 from $312,000.
- The average condo sales price rose by 5.3% year-over-year to $403,048 from $382,696.
- Condo sales fell by 32.1% year-over-year to 586 from 863.
- Total inventory* rose 22.1% year-over-year to 3,967 from 3,248.
- Sales price vs. list price ratio fell by 2.3% year-over-year to 98.2% from 100.6%.
- The average days on market fell by 17% year-over-year to 39 from 47.
* Total inventory includes active and pending listings.
Mortgage Rate Outlook
Global Issues To Press Rates Back Down
July 11, 2014 — Try as it may, even a faster-growing U.S. economy cannot overcome the drag of a troubled world, and interest rates continue to be tethered near recent lows. A strong jobs report last week was a capper for a string of pretty solid economic news, and mortgage rates ticked upward. This week, financial troubles in Portugal joined headlines of growing strife in the middle east, and we still have the political troubles in Ukraine simmering in the background.
Faced with times of stress, and in search of both safety and even higher yields than are available locally, investors continue to pour money into U.S.-backed debt, pressing yields lower even as growth and inflation seem to be picking up speed here. At times, the downward pressure for rates can even be intensified if equity markets have an off day or two, as was the case this week. The residual lift of the job report was sufficient to increase rates a little, but all indications are that the bump won’t last.
It would seem of late that every time mortgage rates appear to be gaining some traction to rise, something comes along and pulls them back. There’s nothing wrong with that, and it’s much to the benefit of homebuyers. At some point, something to pull them back will not magically appear, and we may see a push higher at that time. Could they actually go the other way, too? Possibly. Given sky-high stock valuations, any sort of sustained rout or “correction” for stock prices would tend to be a net benefit for bonds, and yields would slide, pulling mortgage rates down with them, at least for a time.
For the next week, though, we’ll have a larger and wider-ranging assortment of news to sift through, including the Fed’s Beige Book, a couple of looks at new housing markets, Retail Sales, and some inflation indicators. A busier week than this, to be sure, but we think that rates will probably stay stable, with an equal chance of a wobble upward or downward of a few basis points at most.
Notices of default, the first step in the foreclosure process, in San Diego County were up 13.9% in June from May. Year-over-year, they were down 31.9%.
Notices of sale, which set the date and time of an auction, and serve as the homeowner’s final notice before sale, fell 3.6% from May, and they were down 19.5% year-over-year.
After the filing of a Notice of Trustee Sale, there are only three possible outcomes. First, the sale can be cancelled for reasons that include a successful loan modification or short sale, a filing error, or a legal requirement to re-file the notice after extended postponements.
Alternatively, if the property is taken to sale, the bank will place the opening bid. If a third party, typically an investor, bids more than the bank’s opening bid, the property will be sold to the third party; if not, it will go back to the bank and become part of that bank’s REO inventory.
In June, cancellations were down 8.4% from May, and they were down 65.2% year-over-year. There were 207 cancellations.
Properties going back to the bank were down 23.6% compared to May, and they were 2.9% compared to June 2013. Sixty-eight properties went back to the bank in June.
The total number of properties that have had a notice of default filed fell by 34.1% in June compared to June 2013. They were down 4.6% from May.
The total number of properties scheduled for sale rose 1.6% from May, and they declined 28.3%, year-over-year.
The total number of properties owned by banks fell 0.7% from May, and they were down 12.4% year-over-year. The banks now own approximately 2,151 properties in San Diego County.
For further details and a city-by-city breakdown of foreclosure statistics, go to http://propertyradar.com.
- Median home prices increased by 5.1% year-over-year to $599,000 from $570,000.
- The average home sales price rose by 0.9% year-over-year to $821,587 from $814,046.
- Home sales fell by 32.5% year-over-year to 526 from 779.
- Active listings rose 30.9% year-over-year to 4,023 from 3,074.
- Sales price vs. list price ratio fell by 0.7% year-over-year to 97.9% from 98.6%.
- The average days on market rose by 0.1% year-over-year to 38 from 38.
Compared To Last Month
- Median home prices improved by 7.9% to $599,000 from $555,000.
- The average home sales price rose by 14.5% to $821,587 from $717,485.
- Home sales Down by 6.6% to 526 from 563.
- Active listings increased 13.2% to 4,023 from 3,553.
- Sales price vs. list price ratio dropped by 0.1% to 97.9% from 98.0%.
- The average days on market dropped by 3.2% to 38 from 39.