![]() ![]() ![]() Recent population numbers from the California Department of Finance tend to bolster that theory. “Faster price appreciation in warmer, southern states reflect the ongoing migratory trend of people moving out of expensive regions of the country to more affordable parts,” he wrote. He said some lower cost markets could be experiencing growth because people are moving away from more expensive places. Lawrence Yun, chief economist for the National Association of Realtors, wrote that it was not surprising price gains were up, considering strong demand and dropping home inventory. ![]() The San Diego County median home price for a resale single-family home in October 2019 was $630,000, said CoreLogic. The Case-Shiller indices take into consideration repeat sales of identical single-family houses as they turn over through the years. The interest rate for a 30-year, fixed-rate mortgage was 3.69 percent in October 2019, said Freddie Mac, down from 4.83 percent at the same time last year. “The decline in mortgage rates, down about one percentage point for fixed-rate loans from one year ago, has supported a rise in sales activity and home prices,” he wrote. 4 percent.ĬoreLogic chief economist Frank Nothaft wrote that the latest numbers show the slowdown in price growth at the start of the year has largely faded. The only market to have a price decrease was San Francisco, down. Lower cost markets showed the biggest gains, according to the index - with Phoenix, Arizona, up 5.8 percent Tampa, Florida, up 4.9 percent and Charlotte, North Carolina, up 4.8 percent. Home prices were going up at annual rate of around 1 percent for the first six months of the year.Įven with the increase, which experts largely attribute to falling mortgage interest rates, it is still below the 3.8 percent annual increase recorded for San Diego County a year earlier. ![]() The gain was below the national average of 3.3 percent, but it still represents a reversal of fortunes for San Diego County after months of having some of the lowest price increases in the nation. Home prices were up 2.9 percent annually in San Diego County as of October 2019, part of a rising tide of nationwide price increases, the S&P CoreLogic Case-Shiller Indices reported the first week of January 2020. ![]()
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