ALERT- Oppose new property taxes!

Posted by PSAR Communication on Aug 4, 2022 5:23:50 PM

Slide_220802_alert (2)

STOP California's Legislature from Taxing Families
out of Homeownership

PSAR OPPOSES Senate Bill 1105 (Hueso) and Senate Bill 679 (Kamlager) each of which creates an unelected agency with the power to impose a range of new property taxes.  Those taxes would make keeping and getting into a home more expensive and difficult, potentially taxing people out of their homes and pushing homeownership out of reach for many of California's working families. Homeowners need YOUR help to STOP these bills!  Please ask your clients to TAKE ACTION NOW!

     TAKE ACTION NOW     

SB 1105 grants vast, unchecked, taxing and bonding authority to an unelected Housing Agency Board in San Diego which would consist of 6 appointed representatives, serving 4-year terms that can by resolution, or initiative, impose: 

  • special taxes on real property,
  • a parcel tax,
  • a gross receipts business license tax,
  • a special business tax,
  • a documentary transfer tax,
  • a special land value windfall tax, or
  • a commercial linkage fee.

The proposed Agency requires revenues generated to assist in the construction of housing broadly defined. Revenue could go to large developers of rental homes and no restrictions on the agency purchasing single-family homes which could then further limit the opportunities for home ownership. The costs of solving California’s housing problems should not be placed on working Californians struggling to stay afloat and keep their homes in a tough economic environment, especially when there is a 97 billion dollar state surplus.
 
Similar to SB 1105, SB 679 would establish a local Housing Agency in LA with a 19-member “governing board” to raise revenues through: 

  • a parcel tax
  • gross receipts business license tax
  • a document transfer tax, or
  • the issuance of bonds to fund affordable housing preservation (acquiring, rehabilitating, deed restricting, etc.).

Here’s how you can help:
  
Ask your clients, friends, and family to TAKE ACTION and continue posting on social media!

We are stronger together, and your voice will help us defeat SB 1105 and SB 679.

For questions, please contact realtorparty@car.org

Topics: Government Affairs

San Diego Home Sales Down 31% in July

Posted by Rick Griffin on Aug 3, 2022 10:00:00 AM

San Diego Home Sales Down 31% in July

Housing demand in California’s housing market cooled even further in July 2022, as the effects of rising interest rates and high home prices dragged down the efforts of would-be homebuyers, according to the latest home sales and price report from the California Association of REALTORS® (C.A.R.). Statewide home sales dropped below the annualized 300,000 benchmark for the first time since May 2020.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 295,460 in July, according to information collected from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2022 if sales maintained the July pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

Statewide, the rate of homes sales in July 2022 was down 14.4 percent on a monthly comparison with June 2022, when 344,970 homes were sold, and down 31.1 percent from a year ago in July 2021, when 428,980 homes were sold on an annualized basis.

July 2022 marked the fourth consecutive monthly decline and the 13th straight annual decline.

In San Diego County, home sales dropped 41.1 percent in July 2022, compared to a year ago in July 2021, and 21.4 percent decline in a month-over-month comparison from June 2022. July’s 41 percent year-over-year drop follows a 30.5 percent drop in June 2022, compared to June 2021.

Statewide, the median home price in July 2022 declined 3.5 percent to $833,910 from the $863,790 price recorded in June 2022. The July 2022 price was 2.8 percent higher than the $811,170 recorded in July 2021. The July 2022 price was the smallest year-over-year price gain in more than two years.

The price moderation is largely attributed to a change in the mix of sales in July, as million-dollar home sales plummeted nearly 25 percent from June.

In San Diego County, the median sales price for an existing, single-family detached home in San Diego County declined in July 2022 by $20,000, or 2.1 percent, to $930,000, compared to $950,000 in June 2022. The July 2022 median price was still 8.1 percent higher from the year-ago price of $860,000 in July 2021. The median is the price at which half of the homes sell for more and half for less.

“In the midst of the peak home-buying season, high home prices and rising interest rates depressed housing affordability to the lowest level in nearly 15 years, which in turn dampened home sales,” said C.A.R. President Otto Catrina, a Bay Area real estate broker and REALTOR®. “However, buying opportunities remain in the coming months for those who have been waiting on the sideline as more listings become available, competition continues to cool off and rates begin to stabilize.”

“Home sales have taken a trouncing as the market has shifted in response to the recent surge in interest rates, and pending sales suggest that the market could remain soft in August,” said C.A.R. Vice President and Chief Economist Jordan Levine. “The pace of sales declines is expected to slow in the coming months, however, as rates continue to stabilize, market volatility begins to subside and supply conditions further normalize.”

Other key points from C.A.R.’s July 2022 resale housing report included:

-- At the regional level, sales continued to decline sharply with three of the five major regions dropping more than 30 percent from last year. The Central Coast region experienced the biggest drop of all regions, with sales plummeting 37.3 percent from a year ago. The San Francisco Bay Area followed closely with the second-largest decline (-37.2 percent). Southern California also recorded a 36.9 percent drop from July 2021.

-- Nearly 80 percent of all California counties continued to record an increase in their median prices on a year-over-year basis. Price growth rates, however, were more moderate compared to a couple of months ago when the state set its new record high.

-- The overall supply conditions in California loosened again, with the statewide unsold inventory index rising from 1.9 months in July 2021 to 3.2 months in July 2022, the highest level since May 2020. The improvement in the index was primarily due to a pullback in demand.

July 2022 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

July 2022 County Sales and Price Activity

-- In San Diego, the inventory of available homes for sale in July 2022 was 3.1 months, compared to 2.4 months in June 2022, 1.9 months in May 2022, 1.6 months in April 2022, and 1.4 months in March 2022 and 1.5 months in June 2022. Inventory levels indicate the number of months it would take for the available supply of homes on the market to sell out given the current rate of sales.

-- Forty-six of the 51 counties tracked by C.A.R. registered a year-over-year increase in active listings in July, compared to 44 counties in June.

-- The median number of days it took to sell a California single-family home was 14 days in July and 8 days in July 2021.

July 2022 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

July 2022 County Unsold Inventory and Days on Market

-- In San Diego, the median number of days it took to sell an existing, single-family home in July 2022 was 10 days, compared to 8 days in June 2022, 7 days in May 2022, and April 2022. A year ago, in July 2021, the figure was 7 days. The median represents a time when half the homes sell above it and half below it.

-- The 30-year, fixed-mortgage interest rate averaged 5.41 percent in July, up from 2.87 percent in July 2021, according to Freddie Mac. The five-year, adjustable mortgage interest rate averaged 4.29 percent, compared to 2.49 percent in July 2021.

 

 

Topics: Brokers/Managers, Market Information

New Paragon Connect Enhancements

Posted by PSAR Communication on Jul 29, 2022 10:00:00 AM

New Paragon upgrades arriving on August 3rd!

Paragon has a new set of updates to hotsheets, open houses, and more that go live on Wednesday, August 3rd. These improvements include:

Read Paragon's Knowledgebase article for a full list of updates.

Here were three of the most impactful changes that were updated in June:

1) Hotsheets

We have completely remodeled the hotsheet search in Paragon Connect. You’ll be able to save and edit your hotsheets, set up alerts, view extended days back, and access even more features to get the most out of your search.

Hotsheets

 

2) Open Houses

The new enhancement will empower you to do more with your open houses in Paragon Connect, including creating and editing open houses and adding them to your device's calendar.

Open Houses

 

3) Listing Maintenance

This release will roll out the first features of the listing maintenance module we're building in Paragon Connect. You'll be able to access published and unpublished, or partial, listings that you have permission to maintain. Additional features like Auto-tax fill and Cloning will arrive in future releases.

Listing Maintenance

 

Older updates from June 8th.

Validate Address Location

The listing edit module in Paragon Connect now contains a feature called Validate Address Location. (This works like the Change Geocode feature in the desktop version of Paragon.)

From the Edit button on one of your listings, click on the overflow menu (three vertical dots) in the upper right corner and select Validate Address Location. The map will appear, including a property pin and the new Accuracy Indicator.

Validate Address Location

If the Accuracy Indicator is red, the geocode accuracy is less than 100%. The Accuracy Indicator will appear green if the accuracy is at 100% or if you placed the indicator manually. This feature gives you a clear indication of the geocode quality.

From the Accuracy Indicator, click the tool tip icon to see more information about the rating.

Accuracy Indicator

 

Geocode Using Address Search

You can now place geocode pins in Paragon Connect through a manual address search. Enter the address in the search bar, tap on the search icon, and compare this pin’s location with your pin’s location. (This map search functions the same as Center Map and Zoom on this Address in the desktop version of Paragon.)

If the default Road view doesn’t give you enough information, switch to any one of seven views using the new Map Types feature.

Geocode Using Address Search

 

Geocode By Moving a Map Pin

You can move a map pin manually by selecting it and dragging it to the new location. After you move the pin, the Accuracy Indicator will change to green and read “Manually Placed.” If you’re happy with the location, click “Apply.”

You will see a prompt saying, “Changes applied. Save to retain.” Click or tap the Save button.

Geocode by moving a map pin

 

Warning and Error Validation

When you save any changes to a listing, the edit module now checks for any errors or warnings related to its address.

Warning and Error Validation

 

Overflow Menu Options

When you look at a saved search card, you will notice a new three-dot overflow menu icon in the upper right corner. Select this icon to open a menu with all your notification options, including:

  • Disable/Enable Collaboration Center
  • Email Options
  • Notification Triggers
  • Notification Time Frames
  • Resend Invitation
  • Delete Search

Overflow Menu Options

Note: Overflow options are only available on saved searches that have Collaboration Center notifications turned on.

 

Enable/Disable Saved Search Displays

You can now use Paragon Connect to enable or disable saved searches in your Collaboration Center site. In the example below, a user disables a saved search. Disabling the search removes its activity chart and moves it to the bottom of the list.

You can re-enable a saved search at any time by going to the overflow menu and selecting Enable Collaboration Center.

Enable/Disable Saved Search Displays

 

Email Options Menu

The Email Options menu allows you to edit who receives any specific email notification update from the Collaboration Center. You can also add a custom message to display each time Paragon sends a notification email.

New capabilities include:

  • Add or modify primary recipients
  • Add or modify CC recipients
  • Add or modify BCC recipients
  • Modify email subject lines
  • Add or modify a custom message

Email Options Menu

A full list of changes is available on the CRMLS Knowledge Base page. Click here to see the updates.

2022 Summer DRE Bulletin

Posted by PSAR Communication on Jul 26, 2022 1:16:58 PM

DRE Commissioner Douglas McCauley releaseS the Summer DRE Bulletin.

  • Comments on the housing shortage and adaptive reuse or converting a building from one use to another.
  • Senate Bill 263 (SB 263), amended the continuing education requirements for real estate licensees becomes effective January 1, 2023.
  • DRE Survey, Realtors, please comment.  The Commissioner is looking for feedback.
  • Continuing Education (CE) audits
  • Trust Fund Signatories. Can a property owner sign on a real estate broker’s trust account? Can a real estate broker sign on the property owner’s general account?
  • California’s Call to Action: Build 2.5 Million Homes in the Next Eight Years
  • California Mortgage Relief Program
  • Mortgage Loan Servicers and the Foreclosure Process
  • Advertising Guidelines and the Use of Former Surnames and Nicknames

READ The Entire Bulletin Here

dre bulletin summer 2022

 

  

 

 

Topics: Education, Announcements, Brokers/Managers

MEDIAN HOME PRICES DECLINES $20K IN JUNE TO $950K

Posted by Rick Griffin on Jul 20, 2022 2:00:00 PM

MARCH MEDIAN HOME PRICE HITS $950K, A 1-YEAR JUMP OF $150K

California’s housing market in June 2022 continued to downshift as housing demand logged its biggest dip since May 2020, cooling to levels not seen in the past two years.

The latest home sales and price report from the California Association of REALTORS® (C.A.R.) also showed San Diego County’s home sales dropping 30.5 percent in June 2022, compared to June 2021, and a 6.4 percent decline from May 2022.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 344,970 in June 2022, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2022 if sales maintained the June pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The sales pace in June 2022 was down 8.4 percent on a monthly comparison with May 2022 when 376,560 homes were sold and down 20.9 percent from a year ago in June 2021, when 436,020 homes were sold on an annualized basis. Home sales again dipped below the 400,000 level for the second time since June 2020.

Year-to-date statewide home sales were down 10.9 percent in June 2022.

Meanwhile, California’s median home price in June 2022 declined 4.0 percent to $863,790 from the revised record-high of $900,170 recorded in May 2022. The June 2022 price was 5.4 percent higher than the $819,630 recorded in June 2021.

In San Diego, the median price of a single-family home in June 2022 declined by $20,000, or 2.1 percent, to $950,000, compared to $970,000 in May 2022. The June 2022 median price was still 9.8 percent higher from the year-ago price of $865,000 in June 2021. The median is the price at which half of the homes sell for more and half for less.

The moderation in the median home price was due partly to a change in the mix of sales in June, as the high-end market started pulling back.

After increasing for four consecutive months, the share of million-dollar home sales dipped as sales in the higher-price segment dropped 8.3 percent from the prior month. Sales of homes priced at $2 million and higher plummeted 17.9 percent from May 2022. On the other hand, the sub-$500,000 market increased 2.1 percent on a month-to-month basis in June 2022.

Price moderation is expected to continue in July as sharp declines in pending sales in the upper-price segments may drag the statewide median price in the upcoming months.

“California’s housing market continues to moderate from the frenzied levels seen in the past two years, which is creating favorable conditions for buyers who lost offers or sat out during the fiercely competitive market,” said C.A.R. President Otto Catrina, a Bay Area real estate broker and REALTOR®. “With interest rates moving sideways in recent weeks and fewer homes now selling above listing price, prospective buyers have the rare opportunity to see more listings coming onto the market and face less competition that could force them to engage in a bidding war.” 

“Excluding the three-month pandemic lockdown period in 2020, June’s sales level was the lowest since April 2008. Pending sales data also suggests we can expect additional retreating in the coming months,” said C.A.R. Vice President and Chief Economist Jordan Levine. “With inflation remaining high and interest rates expected to climb further in the coming months, the market will normalize further in the second half of the year with softer sales and more moderate price growth.”

Other key points from C.A.R.’s June 2022 resale housing report included:

-- At the regional level, all major regions experienced double-digit declines in June 2022, compared to June 2021, with three of the five regions falling by more than 25 percent on a year-over-year basis. Southern California had the biggest drop of all regions, with sales plunging 27.1 percent from a year ago.

-- At the regional level, home prices in all major California regions increased in price from last year with the Central Coast leading the way at 10.1 percent increase, followed by Central Valley (10.0 percent) and Southern California (8.4 percent).

-- The overall supply conditions in California improved again in June 2022, with the statewide unsold inventory index rising to 2.5 months, the highest level in two years. The improvement in the index was partly due to an increase in supply and partly due to a pullback in demand. The June 2022 inventory level compared to 2.1 months in May 2022, 1.8 months in April 2022, 1.7 months in March 2022 and 1.7 months in June 2021.

-- In San Diego, the inventory of available homes for sale in June 2022 was 2.4 months, compared to 1.9 months in May 2022, 1.6 months in April 2022, 1.4 months in March 2022 and 1.5 months in June 2022. Inventory levels indicate the number of months it would take for the available supply of homes on the market to sell-out given the current rate of sales.

June 2022 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

June 2022 County Sales and Price Activity

-- With both closed sales and pending sales slowing by more than 20 percent, total active listings surged 64.4 percent in June 2022, the largest year-over-year growth in more than seven years. Active listings in June 2022 also climbed to the highest level since November 2019, with a month-to-month increase of 28.8 percent from May.

-- The median number of days it took to sell a California single-family home was 11 days in June 2022, compared to 9 days in May 2022 and 8 days in June 2022.

-- In San Diego, the median number of days it took to sell an existing, single-family home in June 2022 was 8 days, compared to 7 days in May 2022 and April 2022. A year ago, in June 2021, the figure was 6 days. The median represents a time when half the homes sell above it and half below it.

June 2022 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

June 2022 County Unsold Inventory and Days on Market

-- The statewide median sales-price-to-list-price ratio remained above 100 percent at 101.3 percent in Jun 2022, compared to 103.4 percent in May 2022, 104.2 percent in April 2022, 103.3 percent in March 2022 and 104.1 percent in June 2021. Sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and sellers under current market conditions. The ratio, expressed as a percentage, is calculated by dividing the final sales price of a property by its last list price. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, while a ratio below 100 percent indicates that the price sold below the asking price.

-- The 30-year, fixed-mortgage interest rate averaged 5.52 percent in June, up from 2.98 percent in June 2021, according to Freddie Mac. The five-year, adjustable mortgage interest rate averaged 4.28 percent, compared to 2.56 percent in June 2021.

Topics: Brokers/Managers, Market Information

Registered vs. Coming Soon

Posted by PSAR Communication on Jul 14, 2022 12:35:04 PM

 

Registered vs Coming Soon

Click here to view the Registered FAQ and Click here to view the Coming Soon FAQ.

For an updated printable PDF of this checklist, go here.
Download the coming soon form to be signed by sellers here.

coming soon vs registered

 

1 Registered listing contracts do not enter the MLS per the seller’s instructions, either temporarily or for the whole term
of the listing. They are not “in” the MLS. Only the listing agent, listing broker, and office manager, and Association/CRMLS staff can view Registered listings.

2 Agents may treat a Coming Soon listing like an Active listing that no one can show for 21 days and that does not go out via listing distribution feeds (Realtor.com, etc.). Click here to learn more about IDX and listing distribution.

3 If agents are using the C.A.R. form RLA dated 6/2020 and option 7.D.1 is complete, agents do not need an additional
exclusion form. Agents do not need to submit exclusion forms to CRMLS. However, they do need to keep the signed and completed form(s) on file with the brokerage and provide them if the CRMLS Compliance Department requests them.

4 Agents may only show Registered listings to clients of the listing brokerage firm. CRMLS defines a “client” as an individual or entity that has signed, within the previous year, a Disclosure Regarding Real Estate Agency Relationship form in Compliance with CA Civil Code section 2079.16 which identifies the Listing Broker.

5 Coming Soon listings in San Diego County will go out to IDX feeds for applicable brokers. Applicable brokers are those
who participate in CRMLS and have Coming Soon listings for properties in San Diego County, regardless of their MLS
system or Association or Board membership. This does not affect any CRMLS listings outside of San Diego County.

6Agents may only use the Coming Soon status for a maximum of 21 days from the date of entry. On day 22, the MLS system will move the listing into Active status. Please note: Agents may list New Construction Listings under the status of Coming Soon for longer than 21 days (until a notice of occupancy is issued), per Rule 7.18.4 of the CRMLS Rules and Regulations.

7. Information provided by CRMLS and current as of 7-14-2022.  Rules constantly change. Check the CRMLS knowledge base for updated rules and changes.  

Topics: Brokers/Managers, CRMLS, Paragon

PSAR Announces Its 2023/24 Board of Directors and Officers

Posted by PSAR Communication on Jun 28, 2022 11:44:43 AM

PSAR 2023 Elections

The Pacific Southwest Association of REALTORS® finalized its 2023 leadership team on June 24th. The following leaders were elected as Officers and Directors to serve in 2023.

President-Elect
Laurie MacDonald

Laurie MacDonald

 

Secretary / Treasurer
Sam Calvano

Sam Calvano

 

Directors

Merrie Espina
Merrie Espina
Valerie Gardner
Valarie Gardner
Rafael Perez
Rafael Perez
Amy Ruiz
Amy Ruiz
Amber Tannehill
Amber Tannehill
 

Affiliate Director

Martha Garcia
Martha Garcia

The incumbent set of Board of Directors and Officers will remain in their posts and continue to serve PSAR until December 31st, 2022.

Board of Directors (2023)

Jason Lopez, 2023 President

Laurie MacDonald, 2023 President-Elect

Sam Calvano, 2023 Secretary-Treasurer

Max Zaker, Immediate Past President

Anthony Andaya, 2022/2023 Director

Camille Bruno, 2022/2023 Director

Merrie Espina, 2023/2024 Director

Valerie Gardner, 2023/2024 Director

Paula Gonzalez, 2022/2023 Director

Dylan Graham, 2022/2023 Director

Rafael Perez, 2023/2024 Director

Amy Ruiz, 2023/2024 Director

Norma Scantlin, 2022/2023 Director

Amber Tannehill, 2023/2024 Director

Martha Garcia, 2023/2024 Affiliate Director

________________________________________________

PSAR's Mission is to empower Real Estate Professionals.

Since 1928, the Pacific Southwest Association of REALTORS® has played a significant role in shaping the history, growth, and development of the Real Estate industry in San Diego County.

We remain thankful to those who were nominated to lead PSAR. We are looking forward to great things from both the elected candidates and those who will continue to serve in our committee leadership roster.

Topics: Leadership

PRICES SET ANOTHER RECORD AS RATES CONTINUE RISING

Posted by Rick Griffin on Jun 17, 2022 10:00:00 AM

MARCH MEDIAN HOME PRICE HITS $950K, A 1-YEAR JUMP OF $150K

California’s housing market in May 2022 started showing signs of shifting to a more balanced market due to mortgage rates surpassing 5 percent for the first time since April 2010, leading to the lowest sales level since June 2020 and the largest year-over-year decline in five months.

The latest home sales and price report from the California Association of REALTORS® (C.A.R.) also showed San Diego County’s home sales dropping 13.9 percent in May 2022, compared to May 2021, and a 4.6 percent decline from April 2022.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 377,790 in May, according to information collected by C.A.R. from 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2022 if sales maintained the May pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

Statewide, May 2022’s sales pace was down 9.8 percent on a monthly basis compared to 419,040 in April 2022 and down 15.2 percent from May 2021, when 445,660 homes were sold on an annualized basis. Home sales dipped below the 400,000 level for the first time since June 2020.

While public health concerns and market uncertainty were the triggering factors that resulted in the sales decline two years ago, tight supply and the higher cost of borrowing is believed to be responsible for the near double-digit decline this time around. 

The statewide median home price in May 2022 set another record at $898,980, surpassing the record set in April 2022 of $884,890. The May 2022 price was 1.6 percent higher than the April 2022 median price and 9.9 percent higher than the $818,260 recorded last May 2021.

The higher prices can largely be attributed to the mix of sales with the high-end market, which continues to outperform the more affordable market segments. The share of million-dollar home sales in May 2022 increased for the fourth straight month and reached the highest level on record at 35.3 percent, while home sales priced below $500,000 dipped again in May 2022 and hit the lowest level of all time.

Home prices could be leveling off as the monthly gain in price appears to be moderating. The month-over-month increase of 1.6 percent for the May 2022 median home price was still higher but only slightly above the long run average of 1.1 percent recorded between April 2022 and May 2022 in the last 43 years.

The median price of a single-family home in San Diego declined a mere $5,000, or 0.5 percent, to $970,000 in May 2022 from $975,000 in April 2022. The May 2022 median price was still 14.0 percent higher from the year-ago price of $851,000 in May 2021, marking an increase of nearly $150,000 in one year. The median represents a price where half of the homes sell above and half below.

“We’re beginning to see signs of a more balanced housing market with fewer homes selling above list price and homes remaining on the market a little longer than in previous months,” said C.A.R. President Otto Catrina, a Bay Area real estate broker, and REALTOR®. “What this tells us is that there is slightly more supply, fewer- and less-intense bidding wars, and those who've experienced ‘buyers' fatigue’ may now have a window of opportunity.” 

“Pending home sales declined 30.6 percent in May, the biggest drop since the first month of the pandemic, likely due to eroding affordability, rising mortgage rates and home prices, and the increased risk of a recession,” said C.A.R. Vice President and Chief Economist Jordan Levine. “The combined effect of the aforementioned factors resulted in a record increase in the average monthly mortgage payment to a typical home by more than 40 percent in May. With the Fed expected to raise rates further in the second half of the year, the 30-year fixed-rate mortgage could surge past 6 percent by year's end and lead to more affordability challenges for potential homebuyers.”

Other key points from C.A.R.’s May 2022 resale housing report included:

-- At the regional level, all major regions declined in sales from last year, with four of the five regions falling by double-digits on a year-over-year basis. Compared to the pre-pandemic average calculated using sales from May 2017, May 2018, and May 2019, the Southern California region’s sales were also down 19.8 percent in May 2022.

-- At the regional level, home prices in all major California regions increased in price from last year by more than 10 percent, with the Far North and Southern California setting new record medians in May. The Far North also had the highest year-over-year growth in price with a surge of 16.4 percent, followed by the Central Valley (12.4 percent), the San Francisco Bay Area (12.3 percent), Southern California (11.9 percent), and the Central Coast (10.6 percent).

-- California’s unsold inventory of homes improved in May 2022 to 2.1 months, compared to 1.8 months in April 2022, 1.7 months in March 2022, and 1.8 months in May 2021.

-- With both closed sales and pending sales slowing by double-digits, total active listings experienced a gain of 46.7 percent in May 2022, the largest year-over-year growth in at least the last 89 months. Active listings in May 2022 also climbed to the highest level since July 2020 and had a month-to-month increase of 26.4 percent from April 2022.

May 2022 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)
May 2022 County Sales and Price Activity

-- In San Diego, the inventory of available homes for sale in May 2022 was 1.9 months, compared to 1.6 months in April 2022, 1.4 months in March 2022 and 1.6 months in May 2021. Inventory levels indicate the number of months it would take for the available supply of homes on the market to sell out given the current rate of sales.

-- The median number of days it took to sell a California single-family home was 9 days in May 2022 and 7 days in May 2021.

May 2022 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)May 2022 County Unsold Inventory and Days on Market

-- In San Diego, the median number of days it took to sell an existing, single-family home in May 2022 was 7 days, which was the same number in April 2022 and May 2021. The median represents a time when half the homes sell above it and half below it.

-- The statewide median sales-price-to-list-price ratio remained above 100 percent at 103.4 percent in May 2022, compared to 104.2 percent in April 2022, 103.3 percent in March 2022, and 103.8 percent in May 2021.

Sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and sellers under current market conditions. The ratio, expressed as a percentage, is calculated by dividing the final sales price of a property by its last list price. A sales-to-list ratio of 100 percent or above suggests that the property sold for more than the list price, while a ratio below 100 percent indicates that the price sold below the asking price.

-- The 30-year, fixed-mortgage interest rate averaged 5.23 percent in May, up from 2.96 percent in May 2021, according to Freddie Mac. The five-year, adjustable mortgage interest rate averaged 4.06 percent, compared to 2.62 percent in May 2021.

Topics: Brokers/Managers, Market Information

Nominees for PSAR's 2023 Board of Directors

Posted by PSAR Communication on May 24, 2022 4:41:41 PM

PSAR 2023 Elections

The Pacific Southwest Association of REALTORS® Nominating Committee and the Board of Directors respectfully submit the following nominees for the 2023 Officers and Directors Annual Election.

President-Elect
Laurie MacDonald

Laurie MacDonald


Secretary / Treasurer

Sam Calvano

Sam Calvano

 

Directors (5 Two-Year Seats)

Merrie Espina
Merrie Espina
Valerie Gardner
Valarie Gardner
Rafael Perez
Rafael Perez
Amy Ruiz
Amy Ruiz
Amber Tannehill
Amber Tannehill
 

Affiliate Director (1 Seat)

Martha Garcia                                         Zoë Khetani
Martha Garcia                   Zoë Khetani


If you are a qualified member interested in filing a petition to campaign as a candidate, please complete and submit the Board of Directors Petition Form to the Association no later than Friday, May 27th, 2022

Board of Directors Petition Form

Note, Petitioned Candidates will interview with the Nominating Committee between Monday, May 30th and Thursday, June 2nd, 2022

The full list of candidates will be announced Friday, June 3rd, 2022.
Online Elections will begin Friday, June 17th, and continue through Friday, June 24th, 2022

Topics: Leadership

Housing Discrimination - What Owners need to know

Posted by Monica Lopez on May 22, 2022 10:00:00 AM

Fair Housing Resources

CSA San Diego County, Written by Monica Lopez

CSA San Diego County investigates hundreds of fair housing complaints annually. Not all complaints have intentional actions at their source. A certain number are the result of agents or landlords lacking proper training, in-depth knowledge of fair housing laws, or the use of rental documents that are out of date.

Fair Housing Training
Fair housing training is a critical element in reducing complaints. Housing providers should ensure that they and their employees understand their responsibilities under federal and state fair housing laws, and act on those responsibilities in their daily interactions with both applicants and residents.

An example of the need to stay current on fair housing laws training: 
Amy the apartment manager received training in fair housing laws in 2008 when she was first hired. Recently, she denied an applicant because their housing community, to her knowledge, does not accept Section 8 vouchers. Had Amy updated her training annually, she would have been made aware that the applicants receiving assistance from programs such as Section 8 are now protected under Source of Income laws.

Fair Housing Knowledge
In-depth knowledge of fair housing laws is essential as well. Limited fair housing education can result in wrongful actions and costly lawsuits.

An example of the need for in-depth knowledge of fair housing laws:
Sara the leasing agent was recently hired and was required to watch a 1-hour fair housing training video during orientation. The video covered very basic information regarding protected groups and prohibited actions, but do specifics on disability-related topics. Six months later, Sara encountered a complaint. She had informed an applicant with a disability that they could not rent a unit in her building because his assistance animal was on the "breed restricted" list. Sara was unaware of "reasonable accommodations" under California law.

Discriminatory Policies, Practices, and Procedures
CSA has experience in investigating errors that occur in rental applications, rental agreements, and house rules. A well-educated and currently trained individual should always review any of these documents before implementing them to ensure the contents comply with fair housing laws.

An example of the need for awareness of discriminatory practices:
A house rule that prohibits children from leaving their apartment unless accompanied by a parent. The Fair Housing Act prohibits rules that target any protected groups. Families with children may encounter issues with housing providers who maintain overly restrictive or targeted rules. Having a fair housing law-educated and trained individual review your rules prior to posting is always the best practice.

The solution to housing discrimination starts with you.  If you or your staff are in need of training, contact CSA.

CSA San Diego County
327 Van Houten Avenue, El Cajon, CA 92020
www.c4sa.org
Phone: 619-444-5700
TTY: 800-735-2929

CSA San Diego County is a 501(c)(3) non-profit organization whose primary mission is the promotion of social justice and public welfare through programs, services, and advocacy against all forms of discrimination, including advocacy for the eradication of housing discrimination to assure equal housing opportunity for all individuals.

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Any opinion, findings, conclusions, or recommendations expressed in this material are those of the author(s) and do not necessarily reflect the views of HUD. This material is based on work supported by the Department of Housing and Urban Development (HUD) under FHIP Grant FEOI210047.

Topics: Education, Brokers/Managers, Industry