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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

Calif. home prices reach new peak

Posted by Mehran Aram on Sat, Jun 22, 2019 @ 07:06 AM

The median home price in California reached another peak in May according to the California Association of Realtors. This marks the second consecutive month in which home prices in the Golden State reached a new high. Prices reached a new-all time high in May - beating the record the prior month – as the median home price climbed to $611,190. This is up 1.4 percent from April’s $602,920 and 1.7 percent higher than the $600,860 median in May 2018.

In San Diego, the median sold price of existing single-family homes was $650,000, up on both a monthly and yearly basis.

Home sales in May also improved over April as the summer home buying season kicked into high gear. But the affordability crunch brought on by the record-high home prices were reflected in year-over-year sales which were down 0.6 percent from May 2018.

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, California, California Association of Realtors, Single Family Home, Mortgage rates, California Housing Market, San Diego Housing Market, Existing Homes, San Diego Home Prices, California Home Prices, California Median Home Price, Golden State

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

Median list price of U.S. homes reaches new record high

Posted by Mehran Aram on Tue, May 7, 2019 @ 16:05 PM

Homes are being listed for sale at record prices according to a new report. Realtor.com reported last week that the median list price in the U.S. reached $310,000 in April. This is a record high, beating the previous record reached in March.

“The U.S. median listing price set another record this month, which we expect it to continue to do through the summer when prices typically hit their seasonal peak,” said Danielle Hale, Realtor.com’s chief economist. “Despite growing availability of total homes for sale, prices are rising in response to more high-end homes for sale.”

The majority of the price growth seen over the last few months has been focused in the upper tier of homes for sale. In San Diego, the median listing price was $692,550 as of last month, up one percent from last year.

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: Housing Market, Housing Affordability, median price, San Diego Home Prices, Median List Price, Record Home Prices

Home-price growth extends slow streak

Posted by Mehran Aram on Fri, Mar 29, 2019 @ 10:03 AM

Growth in home prices slowed again in January, according to a new report. This is the tenth consecutive month of tapered growth in year-over-year appreciation recorded by CoreLogic. The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the nation, climbed 4.3 percent in the year ending January. This is down from 4.6 percent the prior month.

When looking at prices on a month-to-month basis, most regions saw a decrease. San Diego home prices fell 0.2 percent in January but remain 1.3 percent higher over the past 12 months.

Slower price growth combined with lower mortgage rates have experts speculating that the spring and summer will see elevated home purchase activity.

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: home prices, Mortgage rates, home price appreciation, San Diego Housing Market, S&P CoreLogic Case Shiller, San Diego Home Prices, National Home Price Index