California real estate market details
| Calif. median home price – July 06: $567,360 (Source: C.A.R.) | ||
| Calif. highest median home price by C.A.R. region July 06: Santa Barbara So. Coast $1,075,000 (Source: C.A.R.) |
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| Calif. lowest median home price by C.A.R. region July 06: High Desert $333,330 (Source: C.A.R.) |
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| Mortgage rates – week ending 8/24: 30-yr. fixed: 6.48%; Fees/points: 0.4% 15-yr. fixed: 6.18%; Fees/points: 0.4% 1-yr. adjustable: 5.60%; Fees/points: 0.7% (Source: Freddie Mac) |
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Huge Unsold Housing Inventory
We are already at over 9 months of unsold housing inventory in San Diego. The majority of properties offered for sale (new & resale) have huge buyers and buyer’s agent incentives. All this occurring during the traditional strong Summer selling season. Can anyone doubt that this market will get much worse as we head into the Fall and Winter?
My most recent sale, sold in 23 days – Four offers were received – Had a 30 day escrow!
Most importantly, the seller, received $3,000 over the projected net sales price which was given to the Sellers prior to the listing of the property!
Averaging over 14,900 unique visitors per month for the past three months, www.brokerforyou.com, if not the most visited San Diego real estate site, is certainly within the top three! This is my main tool for featuring his client’s properties! One hundred percent of the visitors to www.brokerforyou.com come from page one placement in the organic listings of the major search engines. The most popular search phrase for real estate searches is the city name followed by ‘real estate.’ Here is a small sampling of just a few page one rankings for www.brokerforyou.com when searching for SAN DIEGO REAL ESTATE and SAN DIEGO REAL ESTATE BROKER: AltaVista, AOL, Google, MSN, Netscape, Yahoo! *Note – Six of these rankings are not only on page one, but also number one on the page! (Verify this for yourself.) It takes over 240 pages of useful content to get these results!
Some other page one, number one, rankings for www.brokerforyou.com just on MSN: San Diego mls and San Diego broker. Do you think your property on www.brokerforyou.com will get more exposure? A higher price? Sell quicker? Why not find out?
New Home Sales – The BIG Drop.
The number of unsold homes rose to a 6.5-month supply at the July sales pace, the highest since November 1995, up 55% from a year earlier and the highest months’ supply since 1995. .
While month-over-month level of unsold new homes fell, the pace of decline over this time last year is much more dramatic at nearly 22 percent. One aspect of the slowdown in new home sales may be that the inflation rate has slowed, making single-family homes a less attractive investment.
A number of economists said the market for new homes may be in worse shape than the government’s figures show because they don’t take into account rising cancellations reported by many home builders in recent weeks. “This was probably an even weaker month than it looks,” says Michael Carliner, an economist with the National Association of Home Builders.
If you are considering selling, there is NO SUBSTITUTE for my Three Decades of residential real estate sales experience! Bob Schwartz real estate broker. If you have a home out of San Diego, contact me for a FREE real estate referral to a local Crertified Residential Specialist in your area! This is certinally the time to Search the entire San Diego MLS, visit brokerforyou. We also have a newer downtown San Diego real estate site plus San Diego for sale by owner and Palermo condos downtown San Diego
Existing Home Sales Drop – Unsold Home Inventories Soar!
Home sales fell in July much more than expected, rekindling worries about whether the housing market would crash and about the overall economy’s health. But, in my opinion, the 20%+ value decline in San Diego home values is well under way!
Sales of existing homes sank 4.1% to an annual rate of 6.33 million units, the National Association of Realtors reported. That’s below the 6.55 million units that economists had predicted and the lowest rate since January 2004. The rate is down 11.2% from a year ago.
The inventory of homes for sale surged 3.2% to 3.86 million units — about a 7.3-month supply. That’s the largest one-month rise in inventories ever and the highest supply since April 1993, CNBC’s Diana Olick reported.
David Lereah, the chief economist for the realtors group, said the inventory jump was the most worrisome part of the report. “I’ve never seen an increase like this — ever,” he told CNBC.
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San Diego Foreclosures about to Skyrocket!
For millions of homeowners, the cost of home ownership is suddenly spiking because they hold adjustable-rate loans. A report released Tuesday warns many may be unable to afford the increase.
When interest rates hit historic lows in 2003 and 2004, consumers seized the chance to buy or refinance. Many pushed payments even lower by signing up for introductory rates that lasted two or three years. Plus, many selected interest only 100% loans for new home purchases. The industry touted such loans as a way to borrow more money than customers could otherwise afford.
But the loans were simply agreements to pay less now and more later. In many cases, later is now here. The loans are adjusting for the first time. The Mortgage Bankers Association estimates $300 billion in mortgage loans will move to a higher rate this year, and an additional $1 trillion will rise for the first time in 2007.
Homeowners who can’t afford the new payments will have to sell, or face foreclosure. Amid cooling demand for homes, and the back to back drop in home values in San Diego real estate, plus higher interest rates, experts fear foreclosure increasingly will be the only choice for most.
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BUILDER CONFIDENCE DROPS FOR SEVENTH CONSECUTIVE MONTH!
Increased sales cancellations, rising home inventories, and high energy costs continue to lower the confidence level of the nation’s home builders, which declined for the seventh consecutive month in August, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). The seasonally adjusted HMI stands at 32 this month, down seven points from July and down 35 points from a year ago. The HMI has not been below 40 for two consecutive months since December 1991. An HMI below 50 indicates more builders view sales conditions as poor versus good. – View every San Diego MLS listing.
San Diego Home Prices Drop for 2nd. Month in a Row!
San Diego County, July prices depreciated for the second straight month in a row. San Diego’s median price fell 1.8% to $487,000 last month compared to the year-ago period, while sales dropped nearly 30%, DataQuick said.
Also, DataQuick Information systems Inc., a La Jolla-based real estate information company, reported that second quarter California foreclosure activity rose at the fastest pace in at least 14 years, the result of waning home price appreciation.
The California Association of Realtors expects a decline in membership — with veterans as well as new licensees dropping out — next year and in 2008 as the market will likely continue to soften.
Home prices down, foreclosure activity up and real estate agents leaving the business….anyone still not believe we have entered a major downturn for San Diego real estate?
Search the entire San Diego MLS for your perfect home. We have a website just for downtown San Diego real estate as well as our newest site just for Palermo condominiums San Diego. List your property for free at San Diego for sale by owner.