Top San Diego real estate stories of October
Those following all the news and stories related to real estate in San Diego will be interested to learn what the top real estate stories were in October. Some of the most noteworthy reports highlight trends that have the potential to be quite adrenalizing to those seeking homes in this metro area.
Record low mortgage rates
One of the top stories in October has been the record low mortgage rates seen across the country. The source detailed that rates began and continued to fall following the September 13 decision by the Fed's to buy mortgage-backed securities in an offer to boost the overall economy.
When will the San Diego housing market be corrected?
Another top story in October was the discussion surrounded predictions of a fully-corrected housing market. In San Diego and across the state, housing market recovery has been picking up steam. However, while recovery is expected to continue through to 2013, leading economists predicted that the market won't be fully corrected until as far off as 2017. The source revealed that experts anticipate that home sales and prices will continue to see gains, but San Diego's low inventory of homes and underwater mortgages will also drag on the recovery pace.
Lack of apartments in 2013
Leung reported that the lack of inventory isn't only a problem in the housing market. In fact, according to a local real estate expert, similar signs are also evident in the apartment sector. The source revealed that a new trend that an increasing number of investors are buying apartment buildings. Industry insiders have been saying recently that apartment buildings in San Diego are the latest real estate investment to make. Of course, investors have been running into problems as there are not enough people selling these buildings.
San Diego home prices at four-year high
In October, housing market data from September demonstrated consistently high home prices even after the end of the prime buying seasons of spring and summer. According to DataQuick numbers from September, the median price for all homes sold in the San Diego County housing market was $350,000, which was an increase of 1.4 percent over August and an increase of 11.1 percent from September 2011. DataQuick analysts cited the record-low mortgage rates and a rise in consumer confidence as reasons for the observed price increases.
San Diego ZIP codes with the hottest home prices
DataQuick numbers indicating a rise in San Diego County home prices is distinguished by 20 ZIP codes that saw the biggest price increases in September 2012 over last year. At the top of the list is the Del Mar neighborhood, followed by the Golden Hill and College neighborhoods. Other notable neighborhoods that saw major price leaps include Logan Heights, Escondido South, Kensington Normal Heights, Imperial Beach, Oceanside North, San Carlos and Alpine. While the Del Mar neighborhood saw a whopping 77.7 percent change it its median home sales prices, the majority of other neighborhoods noted hovered between a 30 percent and 48 percent increase.
Short sales surge in San Diego
Short sales have been becoming increasingly popular in San Diego as an alternative to entering into foreclosure status. The rise in these types of transactions can be said to be beneficial for homeowners, banks and the overall housing market. Homeowners are not left with the black mark on their credit histories that would come from foreclosures, banks have come to view short sales as a "better way to mitigate loss" and the San Diego real estate market effectively becomes more dynamic.