The costs of housing continued to rise in San Diego in the first half of 2015 (mid-year) both for renters and for owners.
The prices are outpacing wage growth, a trend that analysts say is only going to continue so long as the region sees its supply of housing remain tight. Mark Goldman, a loan officer and real-estate lecturer at San Diego State University, said home prices are appreciating faster than he expected.
“In the last year we’ve seen more and more positive news about the economy, and that could help to support the market,” he said.
Rents rose as the county continued to see high wage job growth, with developers responding with a new supply of high-end units.
Here’s a by the numbers look at San Diego County’s housing market for the first half of 2015:
$455,000: The median price for all homes sold in San Diego County in the first six months of 2015, up 5.8 percent from a year ago, CoreLogic reports. It’s the highest midyear median since it was $488,000 in 2007.
$1,575: The average rent in San Diego County in March, up 9 percent from the $1,445 average in 2014, according to Marketpointe Realty Advisors.
3,443: The average number of home sales per month, up 8.7 percent over 2014, CoreLogic reports. That average got a boost in June, when 4,467 properties changed hands. That was the most transactions in a month since June 2006.
6,335: The average number of active listings per month from January to June, a 2.9 percent drop from last year, according to the San Diego Association of Realtors. Given the number of home sales per month, that level of inventory represents less than two months of a supply. Most analysts consider six months of supply to be healthy.
3.77 percent: The average rate during the first six months of the year for a 30-year-fixed mortgage, according to Freddie Mac. That’s down from 4.29 percent in the first six months of last year. There has been speculation that the Federal Reserve open market committee will raise a key interest rate later this year, which would push up mortgage rates. However, rates most recently dropped as turmoil continued in Greece.
4.1: Percent of real-estate owned sales (similar to foreclosure resales) in San Diego County, down from 4.9 percent in 2014, CoreLogic reports. From winter 2008 to spring 2009, real-estate owned sales made up about half of all home sales in San Diego County.
24.3: Percent of cash buyers in San Diego County, down from 28.6 percent in the first half of 2014, according to CoreLogic.
34.1: Percent of monthly income San Diego County homeowners can expect to pay toward their mortgage, a bit above the 32.8 percent historic average, Zillow reports.
43.7: Percent of monthly income San Diego County renters can expect to pay on rent, above the historic 33.9 percent, according to Zillow.
$3,010: Minimum monthly rent for a one bedroom apartment at Strata, in the East Village, one of San Diego’s most expensive buildings.
$10,647: The amount a homeowner in San Diego pays per year in homeownership and maintenance expenses, according to Zillow and Thumbtack. The costs include property taxes and insurance, plus maintenance costs like hiring for yard care and carpet cleaning. Nationwide, the average cost was $9,477, says the study released in June.
$14.3 million: Price of the most expensive home sold in the first half of 2015, on Camino de la Costa in La Jolla, public records show.
$11.78 billion: The dollar amount in home sales in San Diego County in the first half of 2015, up 13.2 percent from $10.4 billion in the same period last year, CoreLogic reports.
