San Diego County home prices picked up in November despite sluggish sales, real estate data firm CoreLogic reported Wednesday.

The median home price in the county rose 8.9 percent in the last 12 months to $468,100, CoreLogic’s November data shows. The month-to-month increase was 2.5 percent.

For the month, 2,740 homes and condos sold in San Diego County, up 3.6 percent from a year ago. But the sales pace dropped 18.4 percent from October.

While it wasn’t the slowest November in terms of sales, it ranks as the ninth lowest for the month in 28 years. Since 1988, November has averaged 3,465 home sales — 725 more than this November.

That month-to-month sales decline, said Andrew LePage, CoreLogic research analyst, was likely due to low inventory and lack of affordability.

Chris Anderson, president of the Greater San Diego Association of Realtors, said the county has about 2 1/2 months of inventory right now. “A healthy market is five to six months supply,” she said.

There were slightly more than 7,000 homes on the market during the November sales period, about 1,000 less than the average for the last five years, Multiple Listing Service data shows.

The last time the market hit six months of housing supply was February 2011 with 12,107 homes available.

Homes in inland North County, including Escondido, Rancho Santa Fe and Vista, rose the most year-over-year at 17 percent. It was followed by East County, including El Cajon, Lemon Grove and Santee, with 10.2 percent gains.

The biggest gains occurred in Coronado, 48.5 percent; Ocean Beach, 38.4 percent; and south Escondido, 37.9 percent.

The most expensive place to live was Rancho Santa Fe with a median sale price of $2.6 million. Coronado was $1.5 million; Del Mar, $1.2 million; and La Jolla, $1.2 million.

The area with the cheapest median home price, with at least 10 home sales, was Logan Heights at $286,250. City Heights was $302,500; National City, $324,500; and Golden Hill, $338,000.

In the last 12 months, Ventura County median sale prices rose the most in the Southern California market at 10.9 percent. It was followed by San Bernardino at 9.3 percent, San Diego at 8.9 percent, Los Angeles at 7.6 percent, Orange County at 6.8 percent and Riverside at 4.4 percent.

The quick rise in home prices had stoked some fears of a housing bubble, but a study released last week by real estate website Zillow had most analysts agreeing San Diego was not in a bubble.

A bubble assumes housing prices are very overvalued and will eventually come crashing down. Real estate blogger Rich Toscano, who predicted the last housing crash, agrees with the analysis, stating valuations are only 19 percent over historic median levels — nowhere near the 75 percent reached in 2005.

San Diego Union Tribune 12/15

Feeling thankful for this recent SOLD and so thrilled for my clients who can start making new memories in 2016!

1593 Caudor – Encinitas – SOLD for $850,000!

Is it cheaper for you to rent or buy? We'll show you how many years it will take before the cost of buying equals the cost of renting – the breakeven horizon. If you'll stay in your home past the breakeven horizon, consider buying; if you'll move sooner, renting might be a better option.

Click Here to Calculate

May you enjoy time with family, friends, good cheer and delicious food this Thanksgivng!

Is the whole family coming over for the holidays? Or perhaps you'd like to share some festive cheer with your neighbors? Whatever the reason, 'tis the season, so now's the time to start planning.

Stock Your Pantry — Get ready for hosting with a well-stocked pantry and freezer. Must-haves include quick, no-cook appetizers; basic baking ingredients; spices and marinades; and frozen puff pastry, pie and cookie dough.

Set the Mood — Keep decorative accessories handy during this season of entertaining. A vase with fresh-cut flowers and tea lights in frosted glass holders are enough to add that festive touch.

Pre-Plan and Prep Cook — Come up with a few go-to holiday menu plans and try to prep cook many of the elements in advance. This will prevent you from spending the day slaving over a hot stove and allow you to enjoy your guests.

Find a Place for Everyone — Consider your holiday hosting capacity. Do you have enough space at the dinner table? Do you need extra chairs or place settings? Is your oven space adequate for the quantity of food you'll be preparing?

Bring on the Fun — Have a variety of board games, books, playing cards and movies ready for those times when your guests need to entertain themselves. If you're hosting young ones, have a few age-appropriate toys available as well.

Ready the Guest Room — If your houseguests are staying overnight, make sure they have everything they need to enjoy their stay. Set out extra towels, toiletries and bed linens, as well as maps and guidebooks for the area.

San Diego County Market Update

It's a basic law of economics!

Nationally, that's happening right now. With normal population increases and an improving economy, demand is growing, and supply is tight in many areas.

Additionally, despite analysts' predictions, interest rates have held at relatively low levels. Low rates keep home payments more affordable.

What might this mean for you?

• If you’re in the process of buying or selling, you’re probably in a good spot. Many sellers are seeing higher bids, and many buyers can afford to make them because of currently low rates.

• If you’re planning to stay in the home you now own, it’s likely your home value is growing. More equity and the possibility of refinancing at today’s rates create a comforting combination that’s tough to beat.

As always, thanks for letting me stay in touch and do my best at keeping you up-to-date on our markets.

Home prices increased by 0.8 percent in July and 5.4 percent over the full year in San Diego County, which posted the nation’s largest monthly gain, according to the S&P/Case-Shiller Home Price Indices released Tuesday.

The data, which are adjusted for seasonal swings, show the market was still delivering the kind of single-digit price appreciation considered sustainable by housing economists.

In 2013 and the first half of 2014, local prices increased at annual rates of between 10 percent and 20 percent. Such gains were reminiscent of the mid-2000s housing bubble and far outpaced the income growth of the average potential buyer. For perspective, personal incomes in San Diego County increased by an average 3.5 percent a year from 2009 through 2013, according to federal figures.

However, since August 2014 the annual rate of home price appreciation has bounced between 5 percent and 6 percent. This produces rising wealth for homeowners, because it’s still well above the 2 percent or so rate of general inflation that includes other consumer prices.

The national home-price index, which increased 0.7 percent in July and 4.7 percent over the year, reflected strong demand in the West. For example, San Francisco’s index increased by 10.4 percent, the nation’s highest annual figure.

“The three cities with the largest cumulative price increases since January 2000 are all in California: Los Angeles (138 percent), San Francisco (116 percent) and San Diego (115 percent),” said David Blitzer, managing director at S&P Dow Jones Indices, in a prepared statement.

He said housing has given a major boost to the overall U.S. economy, which grew at a 3.9 percent annual rate in the second quarter of this year. Residential investment grew faster than national GDP over the last three quarters, along with spending on furniture and household equipment.

Blitzer also predicted the housing market would continue to power the U.S. economy for the foreseeable future. “An interest rate increase by the Federal Reserve, now expected in December by many analysts, is not likely to derail the strong housing performance,” he said.

The Case-Shiller index is considered the gold standard for measuring and comparing overall big-city housing markets, because it tracks repeat sales of identical single-family houses as they turn over through the years.

Other reports are better at showing monthly activity in a region or ZIP code. For example, Corelogic reported recently that San Diego’s median price peaked for the summer at $530,000 in July before declining in August to $515,000, an increase of 5.7 percent from August 2014.

Thankful for helping a wonderful family find their new home and start making wonderful new memories!

Donna Wettstein is a wonderful realtor. She went above and beyond to find my kids and I a home in the neighborhood we wanted. She is incredibly kind, while also being tenacious and hard working. I am so lucky to have found her!