Good News!

Sign the housing market has momentum heading into the summer selling season!

Home prices are back to near-record highs across the U.S. amid rising demand and supply constraints, a sign that the lopsided housing-market recovery of the past five years is gaining some strength.

Sold in 7 days! Highest price home sold since 2008 for Residence 2!

Home prices were up 6.9 percent in January over the last 12 months in San Diego County, said the S&P/Case-Shiller Home Price Index released Tuesday.

National prices were up less in the same time period at 5.4 percent. The biggest gainers were Portland, Seattle and San Francisco.

From December to January, the median home price in San Diego County, adjusted for seasonal variation, increased 1.1 percent, beating the national average by 0.6 percent.

David Blitzer, managing chairman of the Index Committee at S&P Dow Jones Indices, said in the report that home prices nationally continue to climb at more than twice the rate of inflation. But, housing supply is still a major issue.

“While low inventories and short supply are boosting prices, financing continues to be a concern for some potential purchasers, particularly young adults and first-time homebuyers,” he wrote.

Lack of housing supply is typically cited by analysts and real estate agents as a reason for increased housing prices and rent. The latest data from the U.S. Census, from July 2014 to July 2015, showed more people left the county than moved in — and housing is considered a major factor.

San Diego had the lowest drop in home inventory, 30.2 percent, in the nation from January 2015 to January 2016, real estate tracker Zillow said.

Zillow chief economist Svenja Gudell said in a statement Tuesday that besides low inventory and problems for first-time buyers, the latest numbers pointed to a healthy economy.

“Economic growth hasn’t been overwhelming, but it has been consistent, and as long as wages and job opportunities keep rising, the housing market should remain fairly stable and healthy,” she said.

The median home price countywide was $455,000 in February, CoreLogic said. Average rent for the county was $1,618 a month in March, according to MarketPointe Realty Advisors.

Gary Kent, a La Jolla-based real estate agent with Keller-Williams, said the lack of homes for sale has continued to make for a challenging market.

“Anything under $700,000 tends to get a lot of interest. It’s very common to get three, five or seven offers on it,” he said.

Kent said a lot of times homes are going over list price and require a lot of effort to get.

“You need to act fast, make a strong offer and don’t come in low if you want the house,” he said.

Portland’s home prices rose the most year-over-year at 11.8 percent of the 20 largest metro areas covered by the index. It was followed by Seattle at 10.7 percent; San Francisco at 10.5 percent; and Denver at 10.2 percent.

San Diego was tied in eighth place with Los Angeles at 6.9 percent, the index said.

At the bottom of the list was Washington, D.C., which rose 2.2 percent and Chicago at 2.1 percent.

SD Union Tribune 3/39/16

Older San Diegans are most likely to associate owning a home with the American dream, but younger generations do not, a Zillow study shows.

Roughly 68 percent of San Diego residents over 65 years old think homeownership is needed to achieve the American dream, the study said. Baby boomers (50 to 64 years old) and millennials (18 to 34 years old) were less likely to agree at 54 percent.

Generation X (35 to 49 years old) put more emphasis on owning a home, with 58 percent saying it was needed to gain wealth.

The study, released last week, is the result of a semi-annual U.S. Housing Confidence Survey from Zillow and Pulsenomics that asks 10,000 renters and homeowners from 20 metro areas their views on homeownership.

Possibly because of low home inventory, San Diego’s results were different from much of the nation.

For instance, nationwide results show millennials put the most emphasis, 65 percent, of any generation on homeownership as way to achieve wealth — even more than the oldest Americans.

Yet, in San Diego, millennials are more than 11 percent less likely than the national average to associate homeownership with the American dream. The study also notes a lack of confidence among millennials in their ability to buy a home. Just 2 percent of San Diego millennials said they expected to buy a home in the next year.

Mark Goldman, a loan officer and real estate lecturer at San Diego State University, said local millennials are likely influenced by high home prices.

“Housing is much more expensive here than it is in so many other markets across America,” he said. “You do see lower homeownership participation rates when you have high-cost housing.”

The study also broke down homeownership views by race.

African-American San Diegans put the most emphasis on home ownership at 58.3 percent, followed by Latinos at 57.6 percent, whites at 57.2 percent and Asians at 54.8 percent.

Zillow chief economist Svenja Gudell said in a news release that the study shows millennials and people of color will be serious home buyers in the future.

“It’s often assumed that homeownership holds little interest for these groups, or that they may feel the challenges in achieving home ownership aren’t worth the benefits,” she said. “But that’s simply not true, and their optimism and determination today will be hugely important to the stability and growth of the housing market tomorrow.”

The median home price in San Diego County reached $462,750 in January and predictions for this year say price appreciation will slow. Lawrence Yun, chief economist for the National Association of Realtors, predicted national home prices would rise 4.6 percent this year.

By Phillip Molnar San Diego Union Tribune

Looking for a quick way to rejuvenate your living space? Before you go changing layouts or knocking down walls, try giving your interior a fresh coat of paint. This fairly simple task can dramatically alter the look and feel of your home.

Changing interior paint is an easy do-it-yourself project that most can tackle in a weekend or two. Before you get the rollers out and start painting, here are some basics about the interior paint finishes available:

Flat or Matte — Hide imperfections with flat paints, which absorb light and make the colors seem darker. The downside? This type of paint is the least stain resistant, so reserve it for low-traffic areas and ceilings.

Eggshell — Not as dull as flat paint but less shiny than semi-gloss, this low-sheen option works well in living rooms and bedrooms. Be aware that the shine can accentuate wall imperfections, so it's best on smooth, well-prepared surfaces.

Satin — This easy-to-clean finish is often used on windows, doors and trim. Its soft sheen sets it apart from walls painted in eggshell or flat finishes. Though it is highly durable, satin paint has less protection than shinier options.

Semi-Gloss — Designed to stand up to stains, semi-gloss paints are the easiest to clean, making them ideal choices for kitchens and children's rooms. Semi-gloss sheen also stands up to moisture, so consider this selection when repainting a bathroom.

Low VOC — The name says it all. This type of paint contains fewer volatile organic compounds (VOCs), which release toxic gases. Opt for low-VOC paint if you want to go green in your home and deal with less paint fumes.

The median price for all North San Diego County homes – attached and detached – increased to $544,000 in January 2016 compared to $525,000 reported in December 2015.

The median price for detached homes in North San Diego County decreased to $608,500 in January 2016, compared to $615,000 reported in December 2015.

The number of North San Diego County SFD listings (active and contingent) increased to 1,186 in January 2016 compared to 592 in December 2015.

Median days-on-market for single-family detached homes sold in North County increased to 46 days in January 2016 compared to 44 days in December 2015.

The Unsold Housing Inventory Index for existing, single-family detached homes in San Diego County was 2.2 months in January 2016, up slightly from 2.1 months in December 2015, and down from 3.0 months reported in January 2015. The index indicates the number of months needed to deplete the supply of homes on the market at current sales rate.

Median Sales Price

The median sales price for homes in Encinitas for Sep 17 to Dec 16 was $816,000 based on 116 home sales.

Price Per Square Ft.

Average price per square foot for Encinitas was $482, an increase of 14% compared to the same period last year.

Median Rent Per Month

The median rent per month for apartments in Encinitas for Nov 17 to Dec 17 was $3,250.