San Diego Housing Market News and Analysis
~Welcome to the Econo-Almanac~
I started this website in mid-2004 to chronicle San Diego’s spectacular housing bubble. The purpose of the site remains, as ever, to provide objective and evidence-based analysis of the San Diego housing market. A quick guide to the site follows:
Thanks for stopping by…
Submitted by Rich Toscano on March 1, 2017 - 12:11pm
I just posted an article at Voice of San Diego which, along with its companion piece, will serve as background to these ongoing valuation updates. Here's what they discuss:
So for starters, check those out if you haven't. The second article in particular might be of interest even to old-timers, as it's the most thorough piece (that I can remember anyway) I've written on the role of mortgage rates.
OK, with that background behind us, let's check in on the data as of year-end 2016. Here is the primary chart... San Diego home valuations:
Submitted by Rich Toscano on February 28, 2017 - 7:06pm
I just put up a new piece at Voice of San Diego discussing the following:
Submitted by Rich Toscano on February 23, 2017 - 1:30pm
I'm working on some valuation stuff to be posted soon. Meanwhile, here's a selection of graphs on the January resale data. Take note of that steep decline in months of inventory from this time last year... if that doesn't rectify itself, it's a sign of higher prices immediately ahead.
Submitted by Rich Toscano on January 25, 2017 - 4:41pm
Here's the final score for the year 2016:
Looking at the single family number, which gives the best read, prices increased a couple % more than inflation, and roughly the same as wage and rent growth. As one would expect in a given year, all things being equal.
This time they're not equal in that valuations began the year at an elevated level. However, as discussed in the afore-linked article, perhaps valuations can remain higher than usual while interest rates remain lower than usual.
Back to the monthly data, prices did pull back, but that's reasonable at this time of year:
Submitted by Rich Toscano on December 11, 2016 - 5:54pm
Months of inventory crept up a bit, but still made for the lowest November in recent years:
The 3-month average of prices crept up as well:
Submitted by Rich Toscano on October 12, 2016 - 9:23pm
I wrote a piece for voiceofsandiego.org, the intent of which was to introduce people to my preferred valuation approach (and to give a quick overview of where we are now). Probably not a whole lot new for longtime Piggs, but possibly of interest to newer readers.
Here's the synopsis:
A good approach to measuring the “expensiveness” of San Diego housing is to compare home prices with local rents and incomes, which together encompass the most important drivers of home prices. This shows homes to be unusually pricey right now, though nowhere near levels reached during the bubble.
And the link:
Submitted by Rich Toscano on October 11, 2016 - 9:11pm
Just a quick update on the September data. Here's an overview:
Inventory remained very tight, with months of inventory easily at the lowest level in the past four years:
Submitted by Rich Toscano on September 25, 2016 - 9:45am
Hi all - I'm finally getting around to updating the valuation data; a full writeup is forthcoming but here in the meantime are some charts:
Submitted by Rich Toscano on September 24, 2016 - 12:19pm
Prices have leveled off in the last couple of months...
Submitted by Rich Toscano on August 21, 2016 - 5:37pm
Well, hello there! Can I interest you in some housing data? Some charts and graphs, perhaps, and possibly even a table?
I'll start with what I think is the key graph in this (currently undersupplied) market: months of inventory, which combines supply and demand into a single handy stat. We can see here that while supply increased compared to demand, that is typical for the season, and we remain slightly below last year's levels.
Submitted by Rich Toscano on July 16, 2016 - 2:27pm
Home prices continued their general uptrend last month. The monthly graph of median price/square foot is a bit noisy...
Submitted by Rich Toscano on May 17, 2016 - 9:25pm
After a little dip in February, San Diego home prices* experienced a sizable pop in March and April.
Submitted by Rich Toscano on March 15, 2016 - 9:09pm
Supply is still tight out there, with February's months of active inventory lower than either of the past two years:
Submitted by Rich Toscano on January 9, 2016 - 8:52am
December is always an unusual month in that closed sales typically increase (presumably people trying to jam the deal through before year-end), while pendings sales drop (presumably due to holiday disruption):
Submitted by Rich Toscano on November 22, 2015 - 3:16pm
Prices have flattened out over the past few months, as might be expected during this time of year. This is most easily seen in the Case Shiller proxy, which uses a 3 month average:
~Active forum topics~