San Diego real estate market will continue to improve in 2013, forecasts show
As 2012 comes to a close, real estate experts in San Diego have begun to forecast what the market will be like in 2013. According to the San Diego Union-Tribune, real estate in San Diego is expected to continue to build and improve in the new year.
Home prices and mortgage rates in San Diego began to improve in late 2012, as data showed a year-over-year increase from 2011. The accomplishment can be felt all over the San Diego real estate market, with experts believing that 2012’s goals will be completed in 2013.
“While there is still much room for improvement, the consistent upward trend in builder confidence over the past year is indicative of the gradual recovery that has been taking place in housing markets nationwide and that we expect to continue in 2013,” said David Crowe, chief economist for the National Association of Home Builders.
The improvement trend is expected in many Western cities. Although they were hit the hardest during the real estate bust, the west coast of the United States has begun a strong recovery. According to the most recent Standard and Poor’s/Case-Shiller index of 20 large cities, the index rose 4.3 percent from October 2011 to the same time in 2012. In San Diego, data shows that prices in San Diego have increased by 12.2 percent from their lowest recorded prices during the real estate bust, the Los Angeles Times said.
As the housing market continues to get better, the builders have begun to regain confidence as well. The L.A. Times reported that builder confidence in housing has recently reached its highest point since 2006, with a National Association of Home Builders’ reading of 47. Although this reading is still well below the 60s and 70s recorded during prime real estate times, it still marks an improvement in recent years. The December index also notes a two-point gain over the November 2012 reading, according to the National Association of Home Builders.
“Builders across the country are reporting some of the best sales conditions they’ve seen in more than five years, with more serious buyers coming forward and a shrinking number of vacant and foreclosed properties on the market,” said real estate expert Barry Rutenberg.