September 2020 housing data -- more of the same

Submitted by Rich Toscano on October 9, 2020 - 2:46pm
September pretty much looked like August -- sales steady, inventory even a bit lower, and prices popping in response to the low supply/high demand. Charts below...

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Submitted by XBoxBoy on October 10, 2020 - 4:11pm.

Rich, thanks so much for doing this!

So it looks like real estate in SD had a 13% gain year over year. Stop and think about that. It's crazy! We've had gains significantly above inflation for so many years, it's just become nuts. I'd love to see a chart that compared YOY inflation and SD YOY home price gains and salary gains for the last two decades. I bet that chart would really show how crazy things have become.


Submitted by Rich Toscano on October 10, 2020 - 4:51pm.

Hi xbox, nice to hear from you. Yeah, it's pretty nuts and you are right, we really need an update of the valuation charts. Those are kind of a pain to update but it's on my list to do it soon! :-)

Submitted by gzz on October 12, 2020 - 12:05pm.

That 13% is a beautiful number, but it is a little inflated because Sept 2019 was a pretty bad month, -2% YOY.

So we're really only up about 11% over two years, Sept 2018 to Sept 2020.

Here are some additional headlines:

Rents fall in college areas, rise elsewhere:

I looked at other sources, which indicate that other than college rental markets, rents declined a little in March/April then recovered to slightly above their 2019 levels.

Agent says market is white hot:

SF rents down 24% from their 2015 peak, Oakland down about 6% from more recent peak.

That translates to 1-bedroom average rent declining from 3700 at peak to 2800 now.

Submitted by davelj on October 28, 2020 - 11:32am.

Rich - I'm sort of mystified by the chart for condo prices. As you know, I sold a unit in Cortez Hill back in 2015. I just checked the Zestimate and it's maybe 10% higher than what I sold it for 5 years ago. And the rest of the building looks pretty similar. But the charts suggest SD condo prices are way way up over the last 5 years. I'm just trying to make sense of it - maybe the building is unique in some way. But I wouldn't think so.

Submitted by Rich Toscano on October 28, 2020 - 2:07pm.

Idunno but I'd guess it's about the region... my #s are for San Diego county as a whole. Based on what you're saying I'd guess the downtown region went up less than the rest of the county...

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