Below are the monthly indicators for the HomeDex North County home market activity for both attached and detached homes:

If the last few months are an indication of the temperature of housing markets across the country, a period of relative calm can be expected during the last three months of the year. A trend of market balance is emerging as we approach the end of 2018. Prices are still rising in most areas including North County, and the number of homes for sale is still low, but there is a general shrinking of year-over-year percentage change gaps in sales, inventory and prices.

Closed Sales decreased 15.6 percent for Detached homes and 15.3 percent for Attached homes. Pending Sales decreased 3.5 percent for Detached homes but increased 1.9 percent for Attached homes. The Median Sales Price was up 5.1 percent to $715,000 for Detached homes and 13.3 percent to $465,000 for Attached homes.

Days on Market increased 8.3 percent for Detached homes and 15.4 percent for Attached homes in North County. Supply increased 40.9 percent for Detached homes and 40.0 percent for Attached homes. Stock markets experienced an October setback, but that does not necessarily translate to a decline in the real estate market.

The national unemployment rate has been below 4.0 percent for three straight months and during five of the last six months. This is exceptional news for industries related to real estate. Meanwhile, homebuilder confidence remains positive, homeownership rates have increased in the key under-35 buyer group and prices, though still rising, have widely reduced the march toward record highs.

Information from: North San Diego County Association of Realtors.

The Lawhead Team would like to share some more fun facts! 

Did you know?

• The first couple to be shown in bed together on prime time TV was Fred and Wilma Flintstone
• Every day more money is printed for Monopoly than the U.S. Treasury.
• Men can read smaller print than women can; women can hear better
• It is impossible to lick your elbow
• The State with the highest percentage of people who walk to work is Alaska
• The cost of raising a medium-size dog to the age of eleven is $16,400
• Each king in a deck of playing cards represents a great king from history:Spades – King DavidHearts – CharlemagneClubs -Alexander, the Great
  Diamonds – Julius Caesar

The Lawhead Team would like to share the latest “One Cool Thing” to let you know where the hottest markets in California real estate are happening. 

It’s Hot, Hot, Hot in California

Of the 20 hottest U.S. real estate markets identified in a new survey by the NATIONAL ASSOCIATION OF REALTORS, more than half were in California:

1. San Francisco, CA
2. Dallas, TX
3. Denver, CO
4. Vallejo, CA
5. Santa Rosa, CA
6. San Jose, CA
7. San Diego, CA
8. Midland, TX
9. Sacramento, CA
10. Columbus, OH
11. Ann Arbor, MI
12. Santa Cruz, CA
13. Detroit, MI
14. Los Angeles, CA
15. Oxnard, CA
16. Stockton, CA
17. Yuba City, CA
18. Austin, TX
19. San Antonio, TX
20. Nashville, TN

These markets receive 1.8 to 3 times the number of views per listing compared to the national average. They are also seeing inventory move 29 to 48 days more quickly than the rest of the U.S.

Source: Realtor.com

The Lawhead Team shares the latest “One Cool Thing” from the California Association of Realtors about buyers and sellers’ customer satisfaction when it comes to buying a home.

Several criteria determine how buyers and sellers select a real estate firm.

Buyers who chose a real estate firm based it on:

• 30% reputation
• 21% past experience with the agent and/or salesperson
• 24% recommendation

Sellers who chose a real estate firm based it on:

• 35% reputation
• 25% past experience with the agent and/or salesperson
• 21% recommendation

Overall satisfaction with real estate companies is higher among repeat clients (buyers and/or sellers) compared with new clients.

Article from California Association of Realtors® “One Cool Thing”. Source: JD Power 2014 Home Buyer/Seller Satisfaction Study

The latest HomeDex Report for housing affordability in San Diego’s North County. Looking to buy or sell your home in San Diego? Call The Lawhead Team, “Because Two Lawheads Are Better Than One!”

Housing Affordability – Single-Family Detached Homes

• The monthly payment – including principal, interest, property taxes, and insurance – for the median-priced SFD home in North San Diego County increased, to $3,004 in September 2014 (based on a conventional mortgage) from $2,979 in August 2014. The monthly payment for the median-priced SFD home in non-North San Diego County increased, to $2,338 in September 2014 from $2,303 in August 2014.
• The percent of San Diego County households that could afford the median-priced SFD home in North County fell, to 25 percent in September 2014 from 26 percent in August 2014, according to the North San Diego County HomeDex; the affordability percentage in non-North County zip codes decreased, to 36 percent in September 2014 from 37 percent in August 2014.
• In September 2013, the affordability percentage was 25 percent in North San Diego County and 36 percent in non-North San Diego County.
• The HomeDexTM affordability percentage for all homes in North San Diego County – single-family detached and single-family attached together – increased from 31 percent in August 2014 to 32 percent in September 2014.

Housing Affordability – Single-Family Attached Homes

• The monthly payment – including principal, interest, property taxes, and insurance – for the median-priced SFA home in North County increased slightly, from $1,902 in August 2014 to $1,908 in September 2014. The monthly payment for the median-priced SFA home in non-North San Diego County zip codes dropped, from $1,640 in August 2014 to $1,602 in September 2014.
• The percent of San Diego County households able to afford the median-priced SFA home in North County increased, to 46 percent in September 2014 from 45 percent in August 2014.
• The SFA home affordability level for non-North San Diego County zip code increased, from 53 percent in August 2014 to 54 percent in September 2014.
• 47 percent of county households were able to afford the median-priced SFA home in North San Diego County in September 2013, with 57 percent able to afford the median-priced SFA home in non-North County zip codes in September 2013.

The Lawhead Team would like to share a recent article we came across and it is full of good news! 31,000 new jobs will be coming up for San Diegans!

31,000 New Jobs for San Diego Predicted in Latest Econ Index – From the Times of San Diego

The University of San Diego Burnham-Moores Center for Real Estate’s Index of Leading Economic Indicators rose 0.3 percent between July and August, it was announced Wednesday.

“The outlook is for continued solid growth in San Diego’s economy at least through the first half of 2015,” said USD professor Alan Gin. “The local economy has done well so far this year, with the county on a pace to add 31,000 jobs.”

The August surge was fueled by an improving employment picture, consumer confidence and the outlook for the national economy, offsetting declines in residential building permits and a dip in prices for local stocks, according to Gin.

If the jobs growth pace continues, it will be the first time since the late 1990s where at least 30,000 positions were added in three straight years, according to Gin.

On the other hand, he said the number of residential building permits that were handed out in the first eight months of the year is down 2 percent from the same period in 2013. The category has declined in seven of the first eight months of this year.

Wednesday’s release was the first for the index since January. The normally monthly snapshot had been on hiatus because of difficulties in obtaining help-wanted advertising data, Gin said. He said the issue has been resolved, and he plans to release his next report by the end of this month.

The index stood at 128.5 in August, the highest point since a 129.4 was recorded in February 2007.

—City News Service

Read entire article about new jobs in San Diego from the Times of San Diego: http://timesofsandiego.com/business/2014/10/08/economic-forecast-continued-solid-growth-san-diego/

The Lawhead Team came across this article from NBC San Diego stating that San Diego is the 5^th priciest housing market in the nation! Check out the article:

Tuesday, Aug 19, 2014 • Updated at 4:05 PM PDT

San Diego Has 5th Priciest Housing Market in Nation

In case you needed a reminder: The sunshine tax is very real.

San Diego was ranked as having the fifth priciest housing market in America, according to the National Association of Realtor’s latest report.

Of the top five most expensive housing markets, four are in California.

“It’s not a surprise because California has remained at the epicenter of the residential real estate boom this year, with prices now well above the levels of the last few years,” Jamie Duran, president of the Coldwell Banker Residential Brokerage San Diego, Orange County and Desert Region, said in a news release.

The report looks at the median single-family price for homes in cities in the United States over the second quarter of 2014. San Diego’s median price was $504,200, the report showed.

The most expensive housing market is San Jose, where the median home price was $899,500, followed by San Francisco ($769,600) and Anaheim-Santa Ana ($691,900).

Statewide, home prices were up 6.6 percent from June of last year, according to the California Association of Realtors.

The good news for buyers: Interest rates remain low and prices appear to be stabilizing, according to the news release.

Read entire article from NBC San Diego about San Diego‘s housing market: http://www.nbcsandiego.com/news/local/San-Diego-Has-Fifth-Most-Pricey-Housing-Market-in-Nation-271921491.html

The Lawhead Team would like to share the latest statistics for condominium and townhome sales in North San Diego:

• The North San Diego County median-priced single-family attached (SFA) home increased 4.74 percent, from $380,450 in May 2014 to $398,500 in June 2014.
• Non-North San Diego County SFA home median price increased 2.58 percent, to $318,000 in June 2014 from $310,000 in May 2014.
• North San Diego County SFA median price jumped 19.51 percent year-over, from $333,450 in June 2013, the 29th month of year-over price increases.  Non-North County SFA median year-over price increased 11.58 percent, compared to $285,000 in June 2013.
• San Diego County SFA home median price remained at $335,000 in June 2014, but increased 11.3 percent year-over compared to June 2013.
• The median number of days-on-market for North County SFA homes sold increased, from 14 days in May 2014 to 21 days in June 2014.  The average number of days-on-market increased, from 29 days in May 2014 to 35 days in June 2014.
• The number of sold SFA units decreased 10.12 percent from May 2014 to June 2014; the number of sold SFA units in non-North County Zip Codes decreased 1.42 percent from May 2014 to June 2014.
• Year-over SFA sales in North San Diego County dropped 16.11 percent, compared to June 2013. Non-North County year-over sold units decreased 8.26, compared to June 2013.
• SFA listings (active and contingent) in North San Diego County increased 13.62 percent from May 2014 to June 2014, and increased 34.75 percent year-over from June 2013.
• San Diego County SFA listings (active and contingent) increased 6.65 percent from May 2014 to June 2014, and increased 24.06 percent year-over compared to June 2013.

The Lawhead Team would like to share the latest key points from the California Association of Realtors HomeDex Report for housing in North San Diego.

Thinking of buying and/or selling your home in North San Diego County or know someone who is? Contact The Lawhead Team, “Because Two Lawheads Are Better Than One.”

• The median price for all North County home sales – attached and detached – increased to $535,000 in June 2014 compared to $510,000 in May 2014.
• Detached housing in North County jumped 8.8 percent to $612,000 in June 2014 (the highest median price reported since September 2007), compared to $562,500 in May 2014. Year over median price for SFD homes in North San Diego County increased 8.32 percent, compared to $565,000 in June 2013, the 23^rd consecutive month of year-over median price increases.
• Detached home prices OUTSIDE North County increased 3.77 percent to $474,750 in June 2014 compared to $457,500 reported in May 2014. Year-over non-North County median price increased 10.47 percent compared to $429,750 in June 2013, continuing 27-months of year-over median price increases.
• Attached housing prices in North County increased 4.74 percent to $398,500 in June 2014 compared to $380,450 in May 2014. Year-over SFA North San Diego County median price jumped 19.51 percent, compared to $333,450 in June 2013, the 29th straight month of year over price increases.
• Non-North County attached housing prices increased 2.58 percent to $318,000 in June 2014 compared to $310,000 in May 2014. Year-over non-North County SFA median price increased 11.58 percent, compared to 285,000 in June 2013.
• The number of North San Diego SFD listings (active and contingent) increased 10.86 percent in June 2014 compared to May 2014, and increased 34.31 percent year-over compared to June 2013.
• The number of sold North San Diego County SFD units increased 2.77 percent in June 2014 compared to May 2014. Year-over sold SFD units decreased 8.47 percent compared to June 2013.
• Median days-on-market for single-family detached homes sold in North County decreased to 18 days in June 2014 compared to 19 days in May 2014.
• The HomeDex affordability percentage for all housing in North San Diego County – attached and detached – decreased to 29 percent in June 2014 compared to 31 percent in May 2014.

This information is from the HomeDex Report by the California Association of Realtors.

The Lawhead Team recently came across an interesting article from Forbe’s about the many reasons California’s real estate continues to stay priced high:

Playing The Surge In California Real Estate

From Forbles.com (Ross Gerber, Contributor)

On its face, the real estate environment seems like it’s in good shape. Not only are prices back up to – and in many cases eclipsing – pre-crash levels, but the number of foreclosures and underwater homeowners has fallen dramatically, especially in some of the harder hit areas around the country. Beneath the surface, however, danger is lurking as prospective buyers nationwide are finding it more and more challenging to find affordable housing.

Along the California coast, it’s not merely challenging to find reasonably priced real estate – it’s nearly impossible. From San Diego to Los Angeles to San Francisco, home values are rapidly rising and a confluence of factors will likely continue to drive the market even higher. Consider the following:

**Prop 13 – A voter initiative passed in 1978 amid an anti-tax revolt, it caps California property tax rates at 1.25% and freezes assessed property values at the original purchase price. While no one likes higher taxes, the measure artificially constrains inventory and make prices soar because it offers older homeowners a remarkable disincentive to sell.

**Greater investment property ownership – Investors flooded the middle market after real estate hit bottom during the financial crisis, gobbling up foreclosures and short sales at bargain basement prices and converting them into rentals – further squeezing what little affordable inventory exists within these markets.

**Lack of available land – In the most desirable neighborhoods within San Diego, Los Angeles and San Francisco, land is scarce. And when there is development in such neighborhoods, it often involves tearing down a $1 million home and replacing it with one that is three times more expensive. While this is good for surrounding homeowners – who see the value of their properties go up – it makes the broader market more challenging for prospective buyers.

**Foreign buyers inflating prices – From locating a property to negotiating price to going through each exhaustive step of the mortgage process, buying a home often takes months. But for wealthy foreign buyers seeking the safe haven of US-based hard assets, and making all-cash offers to sweeten their deals, it only takes weeks.  And by frequently going above market prices in their offers, foreign buyers have helped drive up the price for everyone else.

Click here to continue reading about California’s real estate.