San Diego’s Housing Market
The forecast for San Diego California is still positive as we head into October and into 2019. In fact, San Diego’s housing market is ranked 5th hottest in the nation. Yet, this year’s predicted home sales of 43,000 pales in comparison to 2003’s 60,000 sold.
US housing markets might be slightly shifting to buyers markets in 2019. Yet with the economy so strong, sellers know they can stubbornly holding out for big prices, particularly in SD.
September was a stagnant month, primarily due to the concern over International trade. The US economy is very robust and with the USAMC deal signed and the 25% Chinese tariff coming January 1st, San Diego and California should fare much better.
San Diegan home owners fears might not be well founded. The SoCal economy is good and manufacturers and intellectual property rights holders might be surprised about much they were losing previously to China.
Sales in SD County
There’s a wealth of new listings in San Diego County yet sellers are demanding their prices and that’s preventing sales. In North County, detached home prices rose 9.4%, and that’s a jump from $690,000 in August 2017 to $755,000 now.
According to SDAR, in greater San Diego, sales dropped 22% in September, while listings jumped 32% for detached homes and 50% for attached homes. Prices however continued their relentless rise. The average home price rose 9.4% to $848,219 (YoY). San Diego’s housing affordability index dropped 9 points to 49 (- 15.5% YoY).
San Diego’s gorgeous climate, wonderful lifestyle, along with the improving California economy, increased immigration of workers here, beefed up military spending, and proximity to Mexico means San Diego County’s home and condo sellers are going to have it good in 2019.
SoCal Counties Market Update
San Diego County had the highest price increases YoY and biggest drops in sales.
Impressive Job and Income Growth
The average income for San Diego households grew 5.6% to $71,481 per year and unemployment is down to 3.1%.