Home Prices – Lowest Levels Since The Housing Crisis Began
Home Prices
Today, the S&P/Case-Shiller 20-city composite index was released. The three-month rolling index includes transactions that took place from January to March.
Only three cities—Atlanta, Chicago, and Detroit— saw their annual rates of change worsen in March compared to year-over-year numbers reported in February. The remaining 17 cities and both the 10- and 20-city composites reported improvement in that area—though most still reported price drops—and seven cities boasted rates of change in positive territory.
With these latest data, all three composites still posted their lowest levels since the housing crisis began in mid-2006.
David Blitzer, chairman of the Index Committee at S&P Indices said: “While there has been improvement in some regions, housing prices have not turned. There are some better numbers. This is what we need for a sustained recovery, monthly increases coupled with improving annual rates of change. Once we see this on a broader level, we will be able to say the market has turned around.” Read more
San Diego Home Prices Up – Home Sale Down
San Diego home prices
The real estate reporting firm MDA DataQuick, reported today that the San Diego median home prices rose slightly by $500 from October to November to $335,000.
Single-family resale homes rose $1,000, from October to $370,000, which was 1.4 percent above year-ago levels. Resale condos also rose, though the $218,000 November median was down 3.1 percent from November’s $225,000.
That was the good news. The bad news reported in the MDA Dataquick report was that San Diego home sales were down for the fifth straight month in a row! The actual drop was 6.7 percent on a year-over-year basis. This continued drop in San Diego real estate sales is very troubling and for me, and a much more important fact than the modest price appreciation. If this trend continues, it’s just a matter of another month or so before the San Diego median home values also turn down.
San Diego’s Home Prices Projected to Fall Further
San Diego California home prices
A report by Fiserv, which provides the data for the widely watched Standard & Poor’s/Case-Shiller Home Price Index, said San Diego prices rose now face a double-dip. They are projecting a 8.5 percent fall through 2011.
“Some of the largest declines in prices will occur in markets that had strong spring and summer 2010 price increases,” said David Stiff, Fiserv chief economist. “This is because the homebuyer tax credit delayed the correction in home prices that is necessary to return housing affordability to pre-bubble levels.”
San Diego home short sales
San Diego Home Prices
San Diego California home prices
In yesterday’s San Diego Union Tribune the main story in the business section was titled “County and state home prices facing a ‘double dip’ They’re up from last year, but heading downward, Zillow and Realtors report“. I give credit to the Union for reporting the facts, but to toot my own horn, here is part of what I said back in this blog on 5-1-10, in a post titled San Diego California Home Prices … Worst is Over : “I believe the government tax credits (which may be mostly speeding up sales that would have occurred normally) and the fact that a huge number of loans were due to have their first adjustment this year, could cause a double dip in San Diego housing values.”
My point is that if you want a good indication about the current and future San Diego California home prices, you would be wise to get a free subscription to this blog.
Here are some facts from the most recent Seattle-based Zillow company report:
- San Diego and four other California markets were the only ones nationally that posted price declines in the third quarter after five quarters of increase.
- Zillow figures San Diego values are now 31.1 percent off their peak of $538,100 set in September 2005.
- Zillow’s figures for San Diego in the third quarter showed an overall home value of $370,600, up 4.2 percent year over year but a 0.7 percent decline from the second to the third quarter and 0.3 percent decline from August to September.
- Nationally, home values declined 4.3 percent year over year and 1.2 percent quarter over quarter. They have declined for 17 consecutive quarters and are down 25 percent their peak.
- 23.2 percent of single-family homeowners nationally owe more than their homes are worth.
San Diego Home Prices … Have They Hit Bottom?
In the just released Case-Shiller home price index, the leading measure of U.S. home prices, San Diego house values rose 0.4 percent in June compared with May, and 11.2 percent compared with June 2009.
This report showed the U.S. National Home Price Index rose 4.4% in the second quarter of 2010, after having fallen 2.8% in the first quarter. Nationally, home prices are 3.6% above their year-earlier levels. In June, 17 of the 20 MSAs covered by S&P/Case-Shiller Home Price Indices and both monthly composites were up; and the two composites and 15 MSAs showed year-over-year gains. Housing prices have rebounded from crisis lows, but other recent housing indicators point to more ominous signals as tax incentives have ended and foreclosures continue. Read more
San Diego California Home Prices Increase
San Diego home sales
San Diego California home prices rose last month, for the eighth month in a row, as buyers took advantage of tax credits and low mortgage rates. MDA DataQuick reported that the May median price stood at $340,000, up 4.5 percent from April and up 15.3 percent from a year ago.
The combination of tax incentives and low mortgage rates helped stoke sales in mid- to high-end areas, where distress has increased over the last year and sellers have become more motivated and realistic.
San Diego California Home Prices
San Diego California home prices for selected San Diego neighborhoods. This is the median San Diego home prices for April 2010 vs. April 2009. The data is from MDA Dataquick and the graph was produced by www.websitetrafficbuilders.com
San Diego California home prices
San Diego California Home Prices … Worst is Over
San Diego – Strongest Hosing Market in the Nation
San Diego home prices are on the rise, but, does this mean that the worst is over for the San Diego real estate market? Personally, I believe the governement tax credits( which may be mostly speeding up sales that would have occurred normally) and the fact that there is a huge number of loans due to have their first adjustment this year, could cause a double dip in San Diego housing values.
Year-over-year, the index for San Diego was up 7.6 percent.
San Diego was one of the first metropolitan areas where house prices started to tumble, and now is the only metropolitan area in the nation to show increased home prices between January and February.
Nationally, the S&P index was down .9 percent between January and February, but up .6 percent from the same period last year. Read more
San Diego California Home Prices
San Diego California home prices for selected San Diego neighborhoods. The data is from MDA Dataquick and the graph was produced by www.websitetrafficbuilders.com
San Diego California Home Prices
Pacific Beach real estate
S&P/Case-Shiller Home Prices in San Diego Increase
San Diego California home prices
In a report released this morning, home prices continued to show an annual rate of decline in the month of December, according to a report released by Standard and Poor’s , although the pace of the drop in home prices continued to slow. But, prices rose in four of 20 cities in December: Los Angeles, Phoenix, San Diego and Las Vegas. In San Diego home prices were up 2.7%. Read more