San Diego Housing Market News and Analysis
Analysis of the (primarily) San Diego housing market.
Submitted by Rich Toscano on June 13, 2011 - 7:04pm
All the gloom and doom about the national market notwithstanding, the median price per square foot of San Diego resale homes nudged up again in May:
Submitted by Rich Toscano on May 11, 2011 - 4:42pm
The median price per square foot of San Diego resale homes was somewhat mixed last month: up .2% for single family homes, but down 1.7% for condos, and down .3% in aggregate.
Submitted by Rich Toscano on April 23, 2011 - 10:54am
Remember when housing started to falter back in 2006, and the mainstream economists' version of bearish tough talk was to predict that prices might just go up slightly less quickly in the future?
Tim of the always amusing Seattle Bubble blog recently dug up a prime example of that very thing, wherein Forbes magazine sternly informed readers:
"Get used to it--the seller's market is closing up shop."
"Now the question is more how hard is it going to land..."
Wow, that's some fairly bearish-sounding rhetoric. I guess that's why Forbes' teamed up with Moody's to determine that prices would... pretty much just keep going up. (Fun graphs after the jump...)
Submitted by Rich Toscano on April 12, 2011 - 9:56am
The median price per square foot for San Diego homes rose for the second time in a row in March. This price measure was up .3% for detached homes, 4.8% for attached homes, and 1.6% in aggregate. The detached home series is the most reliable of the three, so any actual price increases were probably muted -- nonetheless, prices look to have increased for a second month in a row.
Submitted by Rich Toscano on March 17, 2011 - 5:50pm
Last month, the median price per square foot of existing homes sold in San Diego rose notably -- by 2.2 percent for single family homes, 2.5 percent for condos, and 2.4 percent in aggregate:
Submitted by Rich Toscano on February 14, 2011 - 6:32pm
It's time for some valutions. The charts below show San Diego housing valuation ratios updated through year-end 2010.
Let's start with the price-to-income ratio. The decline in home prices since the summer brought this ratio back down to 7.6 -- right in the middle of fair value territory per these ratios. In fact, it's 5% below the median price-to-income ratio over this entire period (which incidentally is 8 on the nose).
Submitted by Rich Toscano on February 7, 2011 - 8:44pm
Well, it's 2011, and yet I am still lacking the following:
The median price per square foot took a bit of a beating last month: down 3.0 percent for detached homes, 7.2 percent for condos, and 4.5 percent in aggregate:
Submitted by Rich Toscano on January 9, 2011 - 7:26pm
Well, so much for the spring 2010 double-tax-credit-stimulated rally. The last of the effects of that entire affair have been wiped out with the latest month's drop in the median price per square foot. Prices by this measure were down in December by 3.5 percent for single family homes, 2.4 percent for condos, and 3.0 percent in aggregate. This brings the overall median price per square foot down to 1.2% lower than it was in December 2009 -- the first year-over-year decline in this price measure since October 2009.
Submitted by Rich Toscano on December 11, 2010 - 3:20pm
The median price per square foot for detached homes didn't budge between October and November. This fit nicely into the "flat-to-down" home price thesis I've been advancing in recent months. The 7.4% monthly rise in the condo median made for quite a poorer fit to my theory, however.
Submitted by Rich Toscano on November 5, 2010 - 7:31pm
October was a down month for the median price per square foot. By this measure, detached homes were down .8%, condos by 3.3%, and the aggregate number by 1.6%:
Submitted by Rich Toscano on September 19, 2010 - 6:56pm
The median price per square foot of San Diego homes dropped in August, at least on the whole. Condos managed to rise by 2.0% for the month, but detached homes were own 3.5%, putting the volume-weighted aggregate at -2.0%:
Submitted by Rich Toscano on August 28, 2010 - 10:13am
The continued rise in San Diego home prices has pushed valuation ratios northward -- but according to the home price-to-per capita income ratio, prices are still fairly reasonable:
Submitted by Rich Toscano on August 12, 2010 - 12:28pm
In the first month after the [insert preferred double homebuyer tax credit catchphrase here], prices as measured by the median price per square foot were pretty much flat:
Submitted by Rich Toscano on August 6, 2010 - 11:27am
The Rodeo approacheth... in the meantime, for those wondering what happened to prices in the first non-double-dip month, the answer is that they were pretty flat overall:
Submitted by Rich Toscano on July 18, 2010 - 6:07pm
I'd say the best part of July is not the lifting of the June Gloom, but the fact that I won't have to talk about the "double dip" any more. Well, maybe a few more times. Like now, for instance. You will recall that June was the last month in which first-time buyers could get both the $8,000 federal tax credit and the $10,000 state tax credit. The Feds later extended the June closing deadline to accomodate short sales, but they didn't announce that until more recently. Because people buying before the April deadline thought they had to close by June, the tax credit's effect should have been used up in June for the great majority of cases.
It actually appears that the effect of the double dip may have been used up even before that. The median price per square foot actually fell in June despite the expiring stimulus. It dropped by a giant 10.6% for condos, more than erasing last month's almost-as-wacky gain. But even the far less volatile single family median price per square foot fell by 1.4 percent.
~Active forum topics~