San Diego listed as improving housing market

On the heels of the positive findings of the most recent S&P/Case-Shiller Home Price Index, more positive news has surfaced for people looking at real estate in San Diego. The National Association of Home Builders released its Improving Markets Index on November 6, which indicated that the number of housing markets that are showing consistent improvement increased for the third month in a row, The Hill reported.

The source revealed that this can be seen as another sign that the housing sector's recovery is gaining momentum. The total number of housing markets listed on the index increased by 22 markets to 125. This includes areas from 38 states and the District of Columbia. The report further indicated that 97 of the 103 markets that made the list in October maintained their spots this month.

San Diego was among the markets that were added to the list in November. It was identified as an improving market due to its demonstrated improvement over the last six months in housing permits, employment and house prices.

"This shows that a housing recovery is firmly taking root and helping generate needed jobs and economic growth across much of the country, though we know that this expansion could be even stronger were it not for ongoing challenges including overly tight lending conditions and difficult appraisals," said Barry Rutenberg, chairman of the NAHB, reported The Hill.

Substantial gains for home prices
A recent article from news source 24/7 Wall St. cited another industry report that indicated California real estate is bouncing back strong.

"Unlike some other regions, California's median prices rose in most areas even sequentially when other areas saw some price contraction after the spring-summer housing rush cooled off," reported 24/7 Wall St.

The San Diego-Carlsbad-San Marcos metropolitan statistical area observed a gain of 4.5 percent for its median home price, rising to $386,300 in the third quarter of 2012 when compared with the third quarter of 2011. In addition, this number is up by 3.8 percent from the median price of $372,000 in the second quarter of 2012. Looking at existing apartment and condo sales exclusively, the median sales price increased by 12.2 percent to $229,100 in the third quarter of 2012 over last year. This is a 5.4 percent increase from the median sales price of $217,300 that was observed in the second quarter of 2012.