Home prices have been rising steadily since the recession, but the gains are suddenly accelerating as spring demand heats up in an already highly lean and competitive market. Prices surged 7 percent higher in March compared with a year ago, according to CoreLogic. That’s the biggest gain since May 2014. High Prices and Low Inventory Housing … [Read more...]
Construction of New Housing in San Diego Slowed Last Year
If you are trying to buy or sell a home in San Diego, you are probably well aware that the city—not to mention the state as a whole—is facing a severe housing shortage. With unemployment rates lower than they were a few years ago, more people in the area are looking to purchase real estate, but there are not enough houses and apartments to meet … [Read more...]
Push and Pull
The latest Case-Shiller report showed home prices are continuing to rise, but now experts say not only are those high prices here to stay, but homebuyers could be pummeled this spring by an increase in competition. As the hottest selling season in housing officially closes in, the typical twists and turns of the market during the … [Read more...]
Real Estate Investing in San Diego is on an Upswing
Lately, the real estate market in San Diego has been booming—and now we have yet another new indication of the health of that market. The firm CBRE has just released its annual report on real estate investments and has placed San Diego high on its list of desirable places. On last year's survey, San Diego was ranked 17th. In this year's survey, … [Read more...]
Slippery Spring
U.S. home sales unexpectedly fell in January, leading to the biggest year-on-year decline in more than three years, as a persistent shortage of houses pushed up prices and kept first-time buyers out of the market. Uphill Battle for First Time Buyers The drive home is an uphill battle these days, especially for first-time homeowners who are … [Read more...]
Hammers and Nails
Buyer traffic is likely increasing so much because of the severe shortage of existing homes for sale. Realtors are reporting the lowest supply on record and are not expecting the situation to improve anytime soon. While housing starts did rise steadily throughout 2017, they did so very moderately and are still not close to historically normal … [Read more...]
Go Small or Go Home
Sales prices jumped 7 percent annually in November, according to a new report from CoreLogic. That is the third straight month at that pace, far higher than the price gains in the first half of 2017. Low supply and high demand are fueling the spurt and neither of those is expected to ease up anytime soon. With affordability constraints … [Read more...]
San Diego County Creates $25 Million Trust Fund for Affordable Housing
Several months ago, I posted about the California housing crisis. The demand for housing throughout the state has been increasing rapidly, but construction is not keeping up. As a result, prices are skyrocketing, and many people are unable to find affordable housing in metropolitan areas like San Diego. To add to the difficulties, there are … [Read more...]
Spring Buying Season is Sweet and Sour
The divide between the prices of homes Americans want to buy and the inventory of such homes is growing, suggesting first-time home buyers and high-end sellers might have a difficult year ahead of them. The result is likely to be swiftly rising prices at the low end and challenges for first-time buyers, and sluggish price increases and lingering … [Read more...]
The California Housing Crisis
The backlash comes as California’s lack of housing supply is becoming a crisis. A postwar building boom gave birth to a labyrinth of freeways and sprawling suburbs, and between 1980 and 2010, coastal metro areas in California added new housing units at about half the rate of the typical U.S. metro area. Our golden state of California seems to be … [Read more...]