San Diego Real Estate Statistics Show Positive Growth!

Home prices in San Diego County continue to rise, but the pace is slowing.

The S&P Case-Shiller Home Price Index showed Tuesday that from July to August, prices grew 1.8 percent, which is down from 2 percent from June to July, and 2.8 percent from May to June.

Still, over the past 12 months San Diego County home prices have jumped the most in more than eight years. Prices rose 21.5 percent from August 2012 to August 2013, trailing just three cities in Case-Shiller’s 20-city index. San Diego beat the national average of 12.8 percent.

“That’s summer buying season,” said Mark Goldman, a loan officer and real-estate lecturer at San Diego State University.

Goldman noted that prices increased in August despite the 30-year-fixed mortgage rising to 4.58 percent (they’ve since fallen to 4.13). He said the 20 percent year-over-year gain is making up for the 50 percent drop prices took in the Great Recession. Still, he said he believes the annual year-over-year increases are returning to a long-term trend of 3 percent annual growth.

“As the economy improves of course we’ll see housing prices continue to go up, but I’m not anticipating any rapid increases in the near future,” he said. “We’re returning to the mean.”

Goldman said there continues to be an inventory shortage in San Diego, keeping prices higher. But, he said, as interest rates rise, the price will compensate because people will only now be able to buy what they can afford, given today’s loan qualification restrictions.

David Blitzer, chairman of the index committee at S&P Dow Jones, said in a statement that the overall index shows that prices hit their peak in April.

“Since then home prices continued to rise, but at a slower pace each month,” he said. “This month 16 cities reported smaller gains in August compared to July. Recent increases in mortgage rates and fewer mortgage applications are two factors in these shifts.”

Las Vegas had the highest year-over-year gain on the index, a 29.2 percent jump from August to August. San Francisco and Los Angeles were the two other regions to beat San Diego’s gain.

The index works by comparing repeat-sales prices of single-family homes. In August, it reached 191.78, still below the peak of 250.34 in November 2005.

DataQuick, another home-price monitor, reported that the median price in the county September was $422,000, up 20.6 percent from the same time last year.

Coming Soon! Great Single Level in Rancho Bernardo

 

Summers On The Green

Looking for a great single level home with a three car garage?  Well…look no further!  Coming soon to the San Diego MLS is this terrific home in Rancho Bernardo’s “Summers on the Green” neighborhood.  Fantastic floor plan with four bedrooms, three bathrooms and flooded with natural light! High ceilings, two fireplaces, open kitchen with breakfast eat in area and a large private backyard. Wonderful culdesac location within the Poway Unified School District and use priviledges at the Bernardo Heights Community Club! You wont want to miss this one….call us today!

A Little About Rancho Bernardo

Rancho Bernardo began as a ranch and became the first of Inland North County’s planned communities.  Development began in the 1960’s.

Rancho Bernardo is the home of two age restricted neighborhoods.  These two area known as Seven Oaks and Oaks North.  However, Rancho Bernardo is also the home to a number of non-age restricted communities as well.  Each neighborhood has its own recreation center, of which every neighborhood resident is a member.  Ammenities at these clubs are many and they do include pools.

The Westwood Club is a fabulous facility which also has playgrounds and tennis courts.  The Rancho Bernardo Swim & Tennis Club is also  highly regarded and offers racquet ball courts and woodshops as well as other club perks.

The well known Rancho Bernardo Inn and its beautiful golf course wind through several neighborhoods.  The Rancho Bernardo Country Club, Bernardo Heights Country Club and Oaks North also offer tremendous golfing opportunities.

Rancho Bernardo is also home to The Bernardo Winery.  A great place to visit and home to several shops.

Schools within the Rancho Bernardo communities are included in the highly acclaimed Poway Unified School District.