July 14, 2024

San Diego California real estate market - www.brokerforyou.com
San Diego California real estate market - www.brokerforyou.com

The California Association of Realtors released a report yesterday that showed  the median price of an existing single-family home in San Diego rose to $340,190 last month, up 5.2 percent from $323,320 in March.  Even with this small increase, the median price of a single-family home in San Diego is down 23.3 percent from $443,520 a year ago.

Considering some San Diego home prices are off 40%+, large home buyer credits are available, home interest rates are near 40 year lows, and the seasonably high time to purchase real estate is here, the reported small uptick in median San Diego home prices does not come as a surprise.

To my mind the key economic news yesterday was mortgage delinquency rate of 9.12% According to Bloomberg, 1 in 8 American households are either in arrears or in foreclosure. Maybe people have simply decided to stop paying and wait for their bailout.  The other real estate related news yesterday was the jump in the 10 year treasury bill rates and home mortgage rates.

With the economy showing at least some signs of a “moderation” in it’s decline, we are left to wonder if the worst of the storm has pastsed or if we are simply in a lull, as the eye of the hurricane provides us with temporary relief.                                                San Diego real estate market

4 thoughts on “San Diego Real Estate Recovery or Eye of the Storm?

  1. The issue at the core of the recovery is how long it will take to get the number of qualified buyers back. We have lost many homebuyers. All the people in foreclosure can’t buy for at least 3 years because of bank guidelines. Then they will have to save the money too. Plus we have taken some investors out of the market. At what point will new home buyers equal the old foreclosed people is the answer to when the market will come back. My guess is 3 to 5 years.

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  2. We’ve been through this back in the early 90’s remember. It takes a few years to recover. I see new construction slowing down which will cause less inventory and if they decide to build it will be much smaller and with more density type homes. Over building and putting people into homes they couldn’t afford was our first mistake.

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