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San Diego home prices counter national trend

Posted by Mehran Aram on Fri, Aug 30, 2019 @ 07:08 AM

While home price growth is slowing down across the U.S., San Diego continues to defy the odds. The rate of home price appreciation in the region grew for the fifth consecutive month in June. This data is according to the latest S&P CoreLogic Case-Shiller National Home Price Index.

San Diego home prices grew 0.7 percent, faster than the national average of 0.6 percent. Local home prices have increased 1.3 percent over the past year.

A cooling of the housing market is being experienced nationwide as high price tags for available homes were beyond the average homebuyers budget. While this is true in San Diego as well, demand to purchase a home in America’s Finest City continues to drive prices higher.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.625 percent and 15-year rates are near 3.125 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: San Diego County, home prices, Housing Market, homebuyers, Mortgage rates, San Diego Housing Market, S&P CoreLogic Case Shiller, San Diego Home Prices, Americas Finest City, U.S. Housing Market, Home Price Index

San Diego housing market appears to be cooling off

Posted by Mehran Aram on Wed, Jul 24, 2019 @ 05:07 AM

It may be summer in America’s Finest City but that’s not keeping the housing market sizzling. Home price growth in San Diego has begun to level off compared to the steep price increases seen last summer.

Median home prices in San Diego are still climbing but over the past twelve months it has been a quite modest 1.9 percent increase, according to Zillow. The online real estate site expects the tepid growth to continue through next year.

With home prices leveling off and mortgage rates at their lowest levels in over a year, demand for housing in San Diego is expected to remain strong through 2020.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.00 percent and 15-year rates are near 3.375 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: San Diego County, home prices, San Diego, Zillow, Mortgage rates, San Diego Housing Market, median home price, San Diego Home Prices, Americas Finest City, San Diego Median Home Price, San Diego Housing

San Diego listed among best places to live, again

Posted by Mehran Aram on Fri, Apr 12, 2019 @ 07:04 AM

Residents of America’s Finest City recognize the greatness of their hometown. But now that sentiment is immortalized in print according to a recent report by U.S. News & World Report. This is far from the first time San Diego has made the list of the best places to live in America.

To assemble the list, the report evaluated 125 of the most populous metropolitan areas in the U.S., raking them on various lifestyle factors such as jobs, desirability and home values. San Diego was ranked number 36 in the nation. For the third year in a row, Austin landed the top spot.

San Diego scored one of the highest rankings in the desirability factor largely based on the proximity to the beach and favorable weather.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: San Diego, Mortgage rates, best places to live in America., Americas Finest City, U.S. News & World Report, best places to live