Real Estate Report for 5/21/13
Real Estate Report for 5/21/13
We apologize for not providing a Real Estate Report last week. We have been extremely busy, but the news doesn't stop for us. Here is all of the news from the past two weeks that's fit to post:
SD Home Prices Hit Highest Median in Five Years
San Diego County median home prices reached the $450,000 mark for the first time in five years last month. The Greater San Diego Association of Realtors reports April’s median price of $450,000 represents an increase of 4% from March, and a rise of more than 23% from $365,000 a year earlier.
SDAR's April numbers show the median price has not topped $450,000 since January 2008, when it was $475,000. A month later, it was roughly $440,000.
San Diego Sees Median Home Prices Increase in April
San Diego’s median housing price based on April sales rose 21% to $400,000, and local sales numbered 3,792, up 6.5% from the same month a year earlier, according to Dataquick, the local real estate research firm.
The regional median price for the six counties in Southern California increased 23% over the year to $357,000. That was the highest median for the region since June 2008 when it was at $360,000.
The median price in April was a 58-month high and reflected both home price appreciation as well as a stronger mix of higher-priced homes and a drop in the number of sales of foreclosures, Dataquick said.
San Diego, State Kick Off Spring Season With Rising Resales, Prices
San Diego home prices and sales both increased in April, and California’s median price surpassed the $400,000 mark for the first time in five years, according to the California Association of Realtors (CAR).
“California’s housing market maintained its momentum in April, getting the spring home-buying season off to a good start,” said CAR President Don Faught.
San Diego sales were up 4.5% in April from March and up 9.2% from April 2012, according to CAR. San Diego sold 2,551 houses in April, according to Redfin’s Real-Time Price Tracker for April 2013. The report shows this number is up 11% from last year and up 3.2% from last month. The median price of an existing, single-family detached home in San Diego was $454,390 in April, up 4% from $436,710 in March and up 22.8% from $369,910 in April 2012, according to CAR.
California Records 2nd Highest Home Price Appreciation
San Diego home prices increased 14.8% in March from the previous year, and California reported the second highest home price appreciation, according to CoreLogic's March HPI Report.
In the San Diego-Carlsbad-San Marcos area, home prices, including distressed sales, increased by 14.8% in March 2013 compared to March 2012. Home prices, including distressed sales, increased by 3.1% in March 2013 compared to February 2013. Excluding distressed sales, year-over-year prices increased by 2.9% from the previous month and 14.5% in March 2013 compared to March 2012.
California reported one of the highest home price appreciations. Including distressed sales, the five states with the highest home price appreciation were: Nevada (+22.2%), California (+17.2%), Arizona (+16.8%), Idaho (+14.5%) and Oregon (+14.3%).
North San Diego County Association of Realtors HomeDex Report for April
NSDCAR released it's monthly HomeDex Report for April, with more positive news for prices:
House Prices Increase in 89% of Cities as Recovery Expands
Prices for single-family homes increased in 89% of U.S. cities in the first quarter, as the housing market extends a recovery from a five-year slump. The median sales price rose from a year earlier in 133 of 150 metropolitan areas measured, the National Association of Realtors said in a report Thursday. A year earlier, 74 areas had gains.
Buyers returning to the housing market are bidding up prices for a tight supply of listings.
The national median price for an existing single-family home was $176,600 in the first quarter, up 11.3% from the same period last year. That was the biggest gain since the fourth quarter of 2005, according to the Realtors group.
Housing Affordability Drops as Prices Climb
Higher housing prices are making homes less affordable throughout California, and San Diego County is no exception.
According to a California Association of Realtors report, 38% of households could afford the median-priced home in San Diego County, compared to 43% in the fourth quarter of last year.
The survey placed the median price of a resold, single-family home at $412,320 during the first quarter, including taxes and insurance. To qualify for what has been estimated as a $1,960 monthly mortgage payment, the household would need to make $78,580 per year, according to C.A.R.
Late Payment Rate on Mortgages Tumbled in First Quarter
A resurgent housing market, rising home values and steady job gains are helping more U.S. homeowners stay on top of their mortgage payments.
The percentage of mortgage holders at least two months behind on their payments fell by 21% in the first three months of this year versus the same period in 2012, credit reporting agency TransUnion said Wednesday. The sharp annual decline in the mortgage delinquency rate represents the biggest quarterly drop on record for TransUnion Corp., whose data go back to 1992.
Report: Multiple Home Sale Offers Abound in SD, But More in SF
San Diego was ranked as the third most competitive market in terms of home resales in the country in April, according to a new Redfin report.
Ranked behind Orange County and San Francisco, the survey of 2,000 offers around the country found that 86.9% of the resold homes sampled here had multiple in San Diego County. That was compared to 62.5%that had multiple offers in the county in April 2012.
However, just 39.4%of the sales in San Diego ended up being more than the original asking price. That was compared with San Francisco, where 91.5%of the home resales last month ended up being an average of 7.8% more than the asking price. To win a home listed at $950,000 -- San Francisco's median asking price, a prospective homebuyer would start their bid around $1,024,000.
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