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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 home sales fall by double-digits

Posted by Mehran Aram on Tue, Jul 16, 2019 @ 17:07 PM

New data released last week by the Greater San Diego Association of Realtors shows that home sales in the County stumbled from May to June as prices continued to climb. Sales of existing single-family homes and condominiums both fell month-over-month, dropping 13.6 percent and 16.2 percent, respectively.

The decline in sales coincides with sales prices increasing during the same period. Sale prices for single-family homes increased 2.4 percent while the cost for attached properties shot-up 3.5 percent. The median price of a single-family home in San Diego is currently at $674,900. This is up from $654,000 in June 2018.

This latest data shows a reversal in the San Diego housing market which had seen monthly increases in sales every other month so far in 2019.

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, San Diego, Greater San Diego Association of Realtors, existing home sales, Mortgage rates, San Diego Housing Market, Existing Homes, San Diego Home Prices, San Diego Home Sales, San Diego Housing

San Diego County property tax revenue climbs higher

Posted by Mehran Aram on Tue, Jul 2, 2019 @ 05:07 AM

When the nearly one million property tax bills get mailed to San Diego County residents later this year, it will be the fifth year in a row that the total amount due has grown by more than five percent. County Assessor Ernest Dronenburg announced last week that the expected assessed value of all taxable property in San Diego will amount to just under $575 billion. This is a six percent increase over last year.

California’s Proposition 13 however protects residents from property tax increases more than two percent in a fiscal year, so that actual revenue is expected to be $551.9 billion. The assessments are not just on homes but include parcels of land, businesses, boats and airplanes in San Diego as well.

Income to the County from property taxes help fund public services like police and fire departments, schools and parks.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.875 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, San Diego, property taxes, Mortgage rates, San Diego Housing Market, Assessors Office, California Proposition 13, Prop 13, San Diego County Assessors Office, Ernest Dronenburg

Wage struggles for Calif. renters

Posted by Mehran Aram on Sun, Jun 30, 2019 @ 08:06 AM

A worker in California will need to make nearly $35 per hour to afford to rent a two-bedroom home in the State according to a new report. This amount is three-times the current minimum wage and makes California one of the most unaffordable rental markets in the nation.

A report released by The National Low Income Housing Coalition shows that California ranked second in hourly wages required to afford median rent prices. Hawaii took the top spot. The rankings were based on the cost of a two-bedroom dwelling based on the concept that living costs should take up no more than 30 percent of monthly income.

As it is with overall housing costs, San Diego costs more for renters. A resident would have to make nearly $40 per hour to afford rent prices. The average renter in San Diego makes $20.78 per hour of work.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.875 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, San Diego, California, Wages, Mortgage rates, San Diego Housing Market, rental market, Wage Struggles, Minimum Wage, National Low Income Housing Coalition, Hourly Wages

Homeowners perception of home values in line with reality

Posted by Mehran Aram on Wed, Jun 19, 2019 @ 09:06 AM

Homeowners’ views of their home values inched slightly closer with appraisers during the month of May. According to the National Quicken Loans Home Price Perception Index, the gap between a homeowner’s perception of their home value and that of a professional appraiser narrowed last month, following six months of widening.

According to the report, most major cities had an average appraisal value that was more than two percent off from homeowners’ expectations. Homes are currently appraising for 3.54 percent above last year’s levels.

San Diegans often understate their home values according to previous data, suggesting that home values in the region rise faster than property owners anticipate.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.875 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, San Diego, homeowners, Mortgage rates, Appraisers, Quicken Loans, Home Price Perception

San Diego home building plummets

Posted by Mehran Aram on Tue, Jun 18, 2019 @ 05:06 AM

A significant decline in the number of apartments being built in San Diego has dragged down new dwelling construction in the County a whopping 58 percent during the first few months of 2019. The Real Estate Research Council of Southern California reported last week that San Diego experienced the biggest drop in new construction permits among all Southern California counties.

Multi-unit dwelling permits declined the most, with a 70 percent drop on a year-over-year basis. This is a reversal of the past couple of years when apartment building outnumbered single-family construction.

San Diego had been making significant strides over the last several months in increasing home inventory levels which have been critically low. These latest figures are a setback to that momentum.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.875 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, San Diego, Southern California, Mortgage rates, San Diego Housing Market, Construction Permits, San Diego Housing, New Construction Permits, home inventory

Condo and townhome sales surge in San Diego

Posted by Mehran Aram on Sun, Jun 16, 2019 @ 07:06 AM

San Diego County saw closed sales of condominiums and townhomes shoot up seven percent from April to May according to the Greater San Diego Association of Realtors. This unusually large increase comes as the sales pace for single-family homes remained relatively unchanged.

Attached property sales climbed 7.3 percent in total from 983 in April to 1,055 in May. The price of a townhome or condominium grew 3.3 percent to a median price of $434,000 as of last month.

Meanwhile, single-family home sales in San Diego were flat, increasing 0.7 percent on a month-over-month basis and price rose just 1.2 percent. Compared to last year, sales of single-family homes are down 7.1 percent in the region.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.875 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: home sales, San Diego County, San Diego, Greater San Diego Association of Realtors, single family homes, Mortgage rates, San Diego Housing Market, condo, San Diego Home Sales, San Diego Housing, Property Sales

San Diego home prices holding steady

Posted by Mehran Aram on Fri, May 31, 2019 @ 06:05 AM

Home prices in the San Diego metropolitan area held relatively steady in April on a year-over-year basis according to new figures released this week by CoreLogic. Although this is a rebound from last month when the Southern California region saw its first yearly drop in prices since 2012, San Diego home price gains remain the lowest in the nation.

"The slowdown in price growth and sales over the past year suggests that despite a healthy economy, the cost of homeownership has outpaced incomes for many,” said Andrew LePage, research analyst for CoreLogic.

Today, conforming no-point 30-year fixed mortgage rates are averaging 4.00 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 County, home prices, San Diego, CoreLogic, homeownership, Mortgage rates, San Diego Home Prices

Underwater homes still exist

Posted by Mehran Aram on Tue, May 14, 2019 @ 14:05 PM

While home values have risen rather steadily for the last several years, there remains a notable number of American homeowners who are still underwater. According to ATTOM Data Solutions, more than five million homes were seriously underwater as of the first quarter of 2019. For a home to be considered seriously underwater, the balance of the mortgage is at least 25 percent more than what the home is worth.

San Diegans on the other hand are on the opposite end of the spectrum with one of the lowest underwater rates in the nation. Approximately 40 percent of property owners in San Diego are equity rich, meaning the value of the home is more than 50 percent of its mortgage. This is consistent with the rest of California where 43 percent of homeowners are equity rich.

Higher levels of equity combined with low mortgage rates have led to a surge in refinances as of late. Today, 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 County, San Diego, homeowners, home values, Mortgage rates, Underwater, ATTOM Data Solutions, Q1 2019, Underwater Homes, Equity Rich

San Diego home sales down as prices continue to rise

Posted by Mehran Aram on Sat, May 4, 2019 @ 08:05 AM

Home sales in San Diego County fell for the eleventh consecutive month in March according to new data from real estate tracker CoreLogic. High purchase prices are being attributed to the sluggish sales. Although prices have moderated since last year, March’s median home price was up 0.9 percent compared to the same period in 2018.

There were a total of 3,224 closed escrow sales in San Diego County during the month, down 8.6 percent on a year-over-year basis.

In recent months, high home prices have been countered by lower mortgages rates which have been in the slide since early this year. Currently, 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: home sales, San Diego County, CoreLogic, Mortgage rates, San Diego Housing Market, median home price, San Diego Home Sales, San Diego Median Home Price, Closed Escrow Sales