San Diego Housing Market News and Analysis
Analysis of the (primarily) San Diego housing market.
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.
Submitted by Rich Toscano on June 9, 2010 - 4:06pm
Before we begin the Rodeo, you might be interested in a piece I just put up at voiceofsandiego.org on National Froth Day, when we commemorate Greenspan's first utterance of that legendary euphemism.
Assuming you have now read the afore-linked piece, celebrated Froth Day, and eventually sobered up, let's move on the to last month's housing data.
Submitted by Rich Toscano on May 7, 2010 - 7:01pm
After March's surge to the upside, the median price per square foot pulled back in April:
Submitted by Rich Toscano on April 19, 2010 - 9:26am
As discussed last week, the median price per square foot of San Diego resale homes rallied hard in March.
Submitted by Rich Toscano on March 6, 2010 - 6:15pm
The median price per square foot was up about 1% in February, but that's a smaller amount that its January decline. So I would characterize prices by this measure as continuing to go nowhere, as they have done since September.
Submitted by Rich Toscano on February 21, 2010 - 9:13pm
The median price per square foot declined between December and
January for both detached homes and condos:
Prices by this measure have really gone nowhere since September
2009. As I noted at the Voice last week, the rally that began in early 2009 has
clearly come to an end.
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