PSAR Blog

By Robert Calloway

The real estate industry is constantly evolving as new products and practices are introduced to the marketplace. On a daily basis, our PSAR members are experiencing new disrupters trying to shake-up the traditional business model of buying and selling with the assistance of an experienced REALTOR®, which remained unchanged for decades. PSAR is active in our efforts to combat this disruption by empowering our REALTOR® members.  

The phenomenon of iBuying is currently one of the most pressing concerns.

The idea behind iBuying is to reduce transactional property costs by utilizing digital tools. This direct-to-consumer, all-cash, online homebuying option is known by many names, including Opendoor, which launched in 2013, and Offerpad, which started purchasing homes directly from homeowners in 2015. Others include Knock, Ribbon, Redfin Direct and Zillow Offers, which launched last year.

The idea of selling and buying homes directly from consumers has grabbed media attention, investor dollars and a certain level of consumer acceptance. What started as a moonshot idea of selling your home with the help of an algorithm has become a homebuying market in its own right.

To some, this method appears to be a modern alternative to the often complicated and complex process of real estate transactions. For example, in theory, once a seller accepts a Zillow Offers price, they are able to pick their own closing date. Also, buyers who purchase a Zillow-owned home will be able to pick a move-in date of their choice.  

I know many PSAR REALTORS® who have justifiable concerns about giving consumers technology tools needed to buy or sell a home without an agent. We all could be impacted by technology that minimizes the role of agents or poses a threat to both homeowners and real estate professionals.

But, the truth is that most homebuyers and sellers need advice on how much to offer, whether to include an inspection, how to arrange financing and a host of other issues related to the real estate transaction process.

In fact, during the past five years, PSAR has worked hard to empower REALTORS® with more data and new technology to help them remain in the center of the transaction. PSAR provides new technology that can be leveraged to provide an experience for the consumer that is second to none. 

For example, the move to CRMLS has had a major impact on the ability of REALTORS® to compete in today’s market. CRMLS has access to more San Diego County listings than any other MLS. “Cloud Streams” is better than the MLS at sharing listings with clients through texting and an improved user search experience. SavvyCard® is another new tool that is helping agents share their business card and listings through social media and online marketing. Cloud MLX also provides a superior search experience. Agents who use Glide are providing a consumer-friendly tool that helps sellers fill out their disclosures easily on multiple platforms. CRMLS negotiated a special deal with LionDesk® so that agents can have access to a fully functional CRM at no additional cost. Remine takes MLS data and enhances it with consumer data to put marketing power in the hands of the REALTOR®.

These new tools are powerful and, if used, can help a REALTOR® leverage their relationships to provide a superior client experience. To learn more about new technology tools that PSAR is providing to empower the REALTOR®, visit https://info.psar.org/benefits.

So, let’s ask a simple question: Just how many consumers are actually trying to go it alone without an agent? Real estate industry watchers expect the iBuyer market will represent less than 10 percent of the overall market.

Glenn Kelman, CEO of Redfin, has stated publicly that he doesn’t expect the number to go any higher than 10 percent or 20 percent any time soon. Currently, in Boston, which is regarded as a tech-savvy market, Redfin says less that 5 percent of the offers are from unrepresented buyers. Earlier this year, Kelman said a majority of people who receive offers from Redfin’s iBuyer program ultimately reject those offers. “Most customers who get a RedfinNow offer don’t take it,” Kelman told Inman News.

So, who really is using iBuyer tools? It’s a mixture of people who are experienced at homebuying and younger customers who have never bought a home before. Some companies predicted a majority of iBuyers would be people with extensive homebuying experience, but that hasn’t always been the case.

Another slant to the iBuying trend is that selling a home to an iBuyer company could cost the seller tens of thousands of dollars. The iBuyer model may appeal to consumers who are looking for ease and hoping to avoid some parts of the home sales prep work, such as open houses, staging, showings and the like. But, the convenience is likely to come at a considerable price tag.

A recent investigation by MarketWatch of multiple transactions involving iBuyers shows that the offers would net their customers an average of 11 percent less than owners who choose to sell their homes on the open market, when fees and other costs are considered.

Simply put, iBuyer deals are stealing equity from homeowners. Opendoor and Offerpad both charge sellers fees of about 7 percent, in contrast to the average of 5 percent charged by real estate agents, according to REAL Trends.

A recent report said that RedfinNow might save home-sellers some time, but it also is likely to reduce the amount of money homeowners will earn from a purchase. Maybe some people don’t care about losing $5k or $20k on a sale, but this is real money to most working stiffs like us.

Indeed, according to Redfin’s initial public offering filed with the Securities and Exchange Commission, it states: “Customers who sell through RedfinNow will typically get less money for their home than they would listing their home with a real estate agent but get money faster with less risk and fuss.”

Meanwhile, many of us have experience with the shortcomings of Zillow’s Zestimates, which even the company acknowledges are a starting point in determining a home’s value and not an official appraisal. According to Zillow, there are 102.7 million homes with Zestimates on Zillow. Nationally, the Zestimate has a median error rate of 7.9 percent, which means half of the Zestimates are closer than the error percentage and half are farther off. The company admits that in about 20 percent of sales the Zestimate misses the sale price by more than 20 percent.

Even some traditional brokerages, including Keller Williams, are also entering the iBuyer space with Keller Offers, which features a KW agent serving as an advocate during the home selling process. Earlier this week, Offerpad announced it would finance Keller Offers in selected markets, giving KW agents a chance to rep both sides of a sales transaction for the iBuyer.

Finally, my word to you is simply, let’s keep working hard, confidently knowing that our expertise, knowledge and services will be sought-after traits in the marketplace. Life is about relationships, and we were put on earth to make a difference and a contribution. There will always be a need for people with outstanding character, work ethic and professionalism. At PSAR, you will always be highly valued and considered extremely valuable.

Glide recently updated its platform to Version 2.0. The new Glide includes an updated user interface and numerous new features.  To learn more take one of the online webinar classes.

For the BASICS this webinar is for you...
 

For an ADVANCED user, take this one...

Whether you’re just getting started with Glide or you’re a seasoned veteran, the latest version of Glide is easy to learn, easy to use, and loaded with valuable features.

Visit the GLIDE WEBSITE to learn everything the new Glide has to offer.

You can now prepare, organize, sign, and share your disclosure packages from one user-friendly interface.

10 New Features Available for You Now

1. zipForm® Import
2. DocuSign Integration
3. PDF Editing
4. Auto-Splitting
5. Version History
6. Cover Sheet
7. Sharing
8. Beta Features On/Off
9. Seller’s Protection Plan
10. Buyer’s Inspection Election (BIE)

New to Glide?  Register for the Glide BASICS online training. 

Already a Glide user?  Register for Glide for EXPERTS online training

Learn how to Grow Your Business with Sales Training by
SavvyCard's CEO & Founder David Etheredge

This benefit is fully paid for. NO UPSELL or ADDED Services.

Each of the five classes will consist of SavvyCard Orientation followed by business use-cases for generating leads and marketing your listings. There will also be 1-on-1 Tech Help to get you up and running on your smartphone before leaving the class.

Agent SavvyCards™ for Real Estate uses your data in the MLS to automatically create Savvycards for you AND for your listings! Use these SavvyCards to generate leads online through Social Media and through your customer's friends and family, quickly and inexpensively!

Agent SavvyCards™ is a push-button simple marketing platform for you and your listings, designed to streamline and maximize both your prospecting and marketing efforts.  Provided to you as a member benefit from Pacific Southwest Association of REALTORS, this training course combines an overview of the Agent & Property SavvyCard solutions with a series of real-life use cases.  These 60-second sales strategies will give you the know-how to start using your SavvyCard account immediately to build stronger relationships and close more deals.  Unlike many classes, Going Savvy will empower you to start growing your business from the moment you leave the room!

Thursday, August 22nd | South County 880 Canarios Court, Ste 100, Chula Vista, CA 91910 Three Class Times to Choose From 8:30am -11:00am   |   11:30am-2:00pm   |   2:30pm - 5:00pm or Thursday August 29th | Central County 4340 Genesee Ave. #203, San Diego, CA 92117 9:00am -11:30am or Thursday August 29th | East County 1150 Broadway, El Cajon, CA 92021 1:00pm -3:30pm

Here is the latest in a series of occasional articles on “Best Practices” for PSAR members from 2019 PSAR President Robert Calloway.

By Robert Calloway

      You might have seen news stories that said, in the future, one of the next jobs to be performed by robots instead of humans will be the role of a REALTOR®. These news reports say that artificial intelligence (AI) may one day equip robots to do some of the same jobs as REALTORS®.  For example creating three-dimensional virtual property videos of properties, assisting with office interactions, or communicating various home features in different languages. A 2013 study by Oxford University estimated AI has a 98 percent chance of replacing real estate agents. Some of us may even express concerns over potential layoffs or job loss when automation advocates predict robots will start encroaching on a particular industry.

     Well, it’s true that a wide variety businesses have turned to robots to improve their operations, processes and bottom lines. However, for a number of reasons, it’s my belief that robots will never replace REALTORS®.

      So, don’t be afraid or fearful.  Let not your heart be troubled. Don’t worry about robots showing properties anytime soon. The role of a REALTOR® requires human intuition, reasoning, emotion and empathy -- traits that machines will never be able to duplicate. Human real estate agents are not on the way out. Here are a few of my reasons why.

-- For most people, home buying and selling is the biggest financial transaction they’ll make in their lifetimes. It’s an emotional experience, sometimes gut-wrenching and scary. And, it’s comforting to have a real person guide us through the process and all the paperwork. It comes down to trust. People want to look another human in the eye and judge whether they trust that person to help them make such a big decision.

-- Matching the heart and mind is something that only humans can do. Yes, a robot might be able to match a prospect’s wish list with available inventory.  I think we would all agree that home purchases are driven by human intuition and emotion.  An experienced REALTOR® can notice subtle signs, read body language and facial expressions, realize when it’s not going well and how things can be changed. We all know that no two buyers are alike, just as no two properties are identical. Last time I checked, a robot cannot think outside the box with a gut-check.

- Everything in life is negotiations and robots don’t negotiate. Machines can’t decipher the gray shades in life. They operate best when the outcome is predictable. Machines can collect data, but humans are better at communicating effectively. Negotiating is everywhere, as are give-and-take reasoning and overcoming the obstacles that are in the way. Humans are best at building trust and rapport with empathy and by showing the other party that you actually understand from where they’re coming. There’s no computer code for determining when a client needs to be guided to accept or decline an offer.

     While robots will never replace real estate agents, it’s conceivable that robots may be involved in our future deals. For example, robots may improve the accuracy and quality of information, such as providing precise interior and exterior mapping, home inspection and other functions that would contribute to greater efficiency. AI may help us, with Big Brother-like analytics, to find prospective buyers.

     At a recent open house in Southern California, guests were able to get answers from a robot that had been programmed with detailed answers to over 75 frequently-asked questions about the home. The robot also recorded the answers and fed that information into a potential buyer’s profile. In San Francisco, if you’re looking for a place to rent, you can now get a home tour from a tablet-carrying robot. The robot is controlled remotely by a real estate agent whose beaming face appears on the tablet.

It's a novel use of a robot, but there’s one major hitch: stairs. Robots have a hard time climbing large staircases.

FRIDAY  | August 30, 2019
10:00 AM - 12:00 PM

PSAR | SOUTH COUNTY
880 Canarios Court, Ste 100, Chula Vista, CA 91910

COST : $5.00 - contribution to the Housing Affordability Fund

Steven brings decades of real estate experience and a degree in Quantitative Economics and Decision Sciences from the University of California, San Diego.

Come see where we are headed for the remainder of 2019

• Have values peaked?
• Why does the market feel so different
• Is housing a bubble about to pop?
• What is going on with the interest rates and the Federal Reserve?
• When will buyers finally have the upper hand?

After the Summer Housing Update...     stick around....

For the Global Council Forum
Forum 1:00pm - 2:00pm  |  Food & Networking 2:00pm - 4:00pm

The mission of the Council is to provide PSAR members with the opportunity to learn and expand their niche market in real estate internationally.

This months speakers are:

CEPIBC President, Gabriela Isabel Cerezo Morales, will address agency and licensing in Baja California.

CEPIBC International Liaison, Gustavo Chacon Aubanel, will provide an update on sales and construction in Baja California.  

SCEDC Assistant Director, Efrain Ibarra, will discuss development in south county. 

Consejo Estatal de Profesionales Inmobiliarios de Baja California (CEPIBC) 
Translated roughly to : State Council for Baja California Real Estate Professionals

Enjoy great food while networking with other builders, brokers and agents.

Last Years Event

Here’s news about another recent PSAR success: Once again, PSAR leadership has made a significant contribution that will result in additional housing availability and improved affordability for the San Diego real estate market.

Over the past two years, PSAR has been working closely with the City of San Diego on rules and regulations relating to what’s called “Companion Units.” While other governmental agencies call them “granny flats” or “accessory dwelling units” (ADUs), the City of San Diego calls them companion units.

Companion units, typically smaller than standard homes, are second units built on the same lot as an existing single-family home. Often, these secondary units are constructed in backyards or above garages of single-family residences. They can be used by family members or rented to seniors, students or others and can provide a source of income for homeowners. PSAR is in support of property owners expanding the use of their property as a way to address the region’s housing supply and affordability crisis.

PSAR’s participation with the City of San Diego recently culminated with the city's publication of the “Companion Unit Handbook,” a 38-page booklet that serves as a helpful guide to homeowners seeking to construct a companion unit on their property.  The handbook can be accessed here, CLICK HERE.

The handbook includes information on zoning, including setbacks and parking, companion unit design and construction, permitting requirements, funding options and additional resources. The handbook answers many popular questions relating to companion units, including: what is a companion unit and where is it allowed; what are the best sources for design of a companion unit; how does one make sure they’re well prepared; ideas and inspiration for the design of a companion unit; the construction and budgeting process; costs, timing and financial sources; impact on your property taxes; what is needed for permitting and occupancy.  

“It hasn’t been easy to make progress over the past two years, but it’s been very rewarding,” said Rafael Perez, PSAR REALTOR® member who has been leading the PSAR efforts with the City of San Diego.

“From the beginning, we brought a REALTORS® perspective to the table,” Perez said. “At first, some of the people at the city had not considered how companion units could change how homebuyers view their future purchase or how existing homeowners could increase their equity. So, we were able to help shape the regulations to benefit the city and homeowners and buyers.”

PSAR’s name appears on the cover of the city’s “Companion Unit Handbook” as a contributor to the publication, along with the San Diego Housing Federation and Local Initiatives Support Corporation (LISC). PSAR’s name also is appearing in a press release announcing the availability of the handbook that is being distributed by San Diego City Council member Scott Sherman.

“Personally speaking, I have been very grateful to receive input from PSAR,” said Sherman. “PSAR members have direct experience at helping their clients with companion units. So, it made sense to follow their advice in the writing of the handbook as we continue to seek workable, common sense solutions to fixing the housing crisis.”

Sherman agreed the handbook will serve as a helpful guide to help homeowners better navigate the process of construction a companion unit on their property.

“The design and construction of a companion unit is a step-by-step process. And, success often depends on preparation and a solid understanding of the process,” said Sherman. “For anyone who is considering building or adding a companion unit on a property, this handbook will be very helpful.”

Sherman added, “In a region where average rent is nearly $1,800 a month and the median price of a home is over $500,000, renters are actively seeking alternative options for affordable rent. In addition, homeowners are seeking alternative options in order to offset the cost of a home mortgage. Companion units can provide an immediate solution to the region’s housing supply crisis.”

Perez said, “Unfortunately, limited housing supply paired with limited construction of affordable for-sale housing units has put a severe strain on lower and middle class families. The ‘missing-middle’ forces families seeking the American Dream to make tough decisions to live on tight budgets or move out of the region. Making it easier to build companion units will help create options for more affordable homeownership as well as increase the supply of affordable housing units in our region.”

Granny flats, or companion units, represent perhaps the easiest and quickest way to provide additional affordable housing options to local residents. When it comes to housing that will help all of San Diego, PSAR is in favor of making the rules more streamlined and cutting through the thick red tape of processing the construction of new smaller rental units.

Current state regulations allow granny flats up to 1,200 square feet in size. They can be attached to, or built separate from, full-sized homes on the same parcel, and include kitchens, bathrooms, living areas and private entrances. They cannot be sold as individual homes, but they can be rented out by homeowners or used to provide additional living space for family members, friends, students, the elderly, the disabled, or in-home health care providers. Properties must meet all zoning requirements, such as setbacks that meet fire safety and building codes.

PSAR previously assisted the County of San Diego and the cities of Chula Vista and La Mesa with the creation and formation of ADU regulations.

PSAR members worked closely with the City of Chula Vista to reduce ADU fees and streamline their regulations. In the East County, following input from PSAR, La Mesa’s set of regulations for granny flats will, in some cases, enable the city to provide more options than do state requirements.

Meanwhile, at a County Board of Supervisors meeting held earlier this year, the Supervisors were considering a modification to their ADU code to require owner occupancy for an additional building on a lot, which PSAR recommended against. Fortunately, the Supervisors decided to remove the owner-occupancy requirement following PSAR testimony from Tracy Morgan Hollingworth, PSAR’s Government Affairs Director.

“I don’t know of any other local real estate organization that has given their support to these local jurisdictions like PSAR has,” said Robert Calloway, 2019 PSAR President. ”I’m very proud that these government bodies have turned to PSAR for assistance and agreed with our recommendations.”

Tuesday, July 30th was a sad day, as our wonderful Realtor friend Patty Davis passed away on that day. Her health began to seriously decline about three months ago from congestive heart failure. We thought you would like to know a little about Patty, as she was one of PSAR’s more illustrious members.

Patty Davis was born on Oct 1, 1950 in Louisville, KY. She grew up on a dairy farm, milking cows before and after school. Patty graduated from Ursuline Academy, received the US Army Walter Reed Nursing Scholarship and attended the University of Louisville, where she met her husband (now divorced) Rod Davis, a naval officer. They married and were transferred to San Diego in 1969, later moved to Guam, to Oakland, eventually returning to San Diego, where they settled in the Chula Vista area. They have two sons, Rod, born in 1970 and Eric, born in 1974. Patty has two grandsons she is very proud of, Justin Daniel and Cameron Eric.

In 1979, Patty started her real estate career, as a successful sales agent and property manager. In 1986, Patty became involved with the Association of Realtors’ Government Affairs Committee, which sparked her interest in local politics, private property rights, as well as leadership within the real estate community. She traveled to Sacramento and Washington DC to lobby the politicians on real estate issues. In 1992, Patty served as president of the South San Diego Bay Cities Board of Realtors now known as the Pacific Southwest Association of REALTORS® . During her year as president, she led our association through the construction of our current office building on Canarios Court, quite a step-up from the tiny space at 588 L Street. Patty was soon designated as a Director for the state level California Association of Realtors and at the national level for the National Association of Realtors. She represented local Realtors as Federal Political Coordinators. This distinguished position allowed our local voices to be heard in the halls of Congress.

In local politics, Patty served as a rent control mediator for the mobile home parks in Chula Vista, served on Chula Vista’s Economic Development Commission and on Chula Vista’s Planning Commission. In 1998 she was elected to the Chula Vista City Council, even serving some time as deputy mayor. In 1999, Patty co-founded “Christmas in October” with Dr. Emerald Randolph. Every year this program fixes up houses of low-income homeowners in Chula Vista. Patty was the democratic nominee for California’s State Assembly in 2004, running against an incumbent, and missed winning by only 500 votes.

At the time of her death, Patty was chairing the Cultural Arts and Design Review Committee for the Port District’s Chula Vista Bayfront. She has continued to co-chair “Christmas in October” every year for Chula Vista.

Patty was known throughout our community for her fairness, her positive attitude and her willingness to help people. She will be missed, but her battle is over; she can now rest.
Services will be held as follows:

DATE: Friday, Aug 16th
TIME: 10:00am
PLACE: St Pius Catholic Church
ADDRESS: 1120 Cuyamaca Ave, Chula Vista, CA
RECEPTION: Immediately following the service in the church hall.

Sometimes one property can be two residential styles or can be two different property types.  If properties can serve different purposes depending on the buyer, why not serve the seller and market the property in multiple ways?

At CRMLS PSAR members don't need a variance request to use multiple property types.  Multiple entries of the same property listed as more than one Residential Style or Property Type are now permitted.

There are two small details that you may not be aware of. 

1. A reference must be made to the MLS number to the duplicate listing in the Confidential Remarks.

2. Upon closing, only the Listing in the actual Property Type that was sold shall be identified as Closed. Any duplicative listing must be Cancelled, with a reference to the Sold MLS ID number being made in the Agent Remarks.

No other duplicative listings are permitted in the MLS.

San Diego County’s housing market in June, 2019 saw a 10.2 percent drop in sales but a 2.3 percent increase in prices, according to the latest housing market report from the California Association of REALTORS® (C.A.R.).

Sales of existing, single-family homes in San Diego was 10.2 percent lower in June in a month-over-month comparison with May 2019, as well as 12.5 percent lower in a year-over-year comparison with June 2018.

Meanwhile, San Diego County’s median, single-family home price of $665,000 in June 2019 was 2.3 percent higher compared to the figures from both May 2019 and June 2018, when the sales price was $650,000 for both prior months.

Statewide, California’s existing home sales fell below the benchmark 400,000 level in June 2019 after rebounding in May.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 389,690 units in, June, 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 2019 if sales maintained the June pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

June’s sales figure was down 4.2 percent from the 406,960 level in May and down 5.1 percent from home sales in June, 2018 of 410,800. Sales fell below the 400,000 benchmark again after rebounding in May. Sales have been under the benchmark for 10 of the past 11 months.

Home sales in Southern California were down 9.1 percent in June with every county outside of Ventura (up 0.6 percent) posting declines. Los Angeles (minus-12.6 percent), San Diego, Orange (minus-7.6 percent), San Bernardino (minus-7.2 percent), and Riverside (minus-4.0 percent) experienced the biggest declines.

The statewide home price set another record in June 2019. June’s median price was $611,420, essentially unchanged from $611,190 in May 2019 and up 1.4 percent from $602,770 for June 2018.

Regarding regional level, median home prices in Southern California, only Ventura County experienced a year-over-year price decline. Other counties in the region recorded annual price growth ranging from 0.8 percent in Orange County to 5.7 percent in San Bernardino.

“With softer price growth and interest rates at the lowest levels in nearly three years, monthly mortgage payments on a median-priced home have fallen for four straight months,” said C.A.R. President Jared Martin. “This allows homebuyers to save hundreds of dollars a month on the same home or to potentially consider a slightly more expensive home for the same monthly cost. Combined with the long-term benefits of homeownership on personal wealth and quality of life, 2019 is a good time to purchase a home for the long haul.”

C.A.R. Senior VP and Chief Economist Leslie Appleton-Young agreed.

“With low rates supporting sales and elevating home prices in the last few months, the market outlook has shown some improvement since the first quarter,” she said. “As such, we have revised our 2019 forecast upward for (California) home sales to reach 385,460 and for the median price to hit $593,000, from the previous forecast of 375,100 and $568,800, respectively.”

Other key points from the June 2019 resale housing report included:

-- Active listings, which have been decelerating since December 2018, grew 2.4 percent from a year ago, the smallest increase since April 2018.

-- The number of homes available for sale has moderated significantly, suggesting that the market is getting back toward being more balanced between supply and demand, but inventory remains relatively tight from a historical perspective. The Unsold Inventory Index (UII), which is a ratio of inventory over sales, was 3.4 months in June, up from 3.2 months in May and up from 3.0 months in June, 2018. The index measures the number of months it would take to sell the supply of homes on the market at the current sales rate.  

-- The median number of days it took to sell a California single-family home increased in June. Time on the market inched up from 18 days in May to 19 days in June. In June 2018, it took a median number of 15 days to sell a home in the state.

-- In San Diego County, it took less than two weeks to sell an existing single-family home in June 2019. The median number of days a home remained unsold on the market stood at 13 days in June, compared to 14 days in May, 17 days in April, 19 days in March, 22 days in February and 13 days in June, 2018.

-- The statewide sales-price-to-list-price ratio was 99.2 percent in June, 2019, compared to 100 percent in June, 2018. The figures for the previous month were 99.3 percent in May, 2019 and 100 percent in May, 2018. Sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its last list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the property sold below the asking price.

-- The statewide price-per-square-foot average for an existing, single-family home statewide reached $292 in June, 2019, compared to $290 in June, 2018. The figures for the previous month were $292 in May, 2019, up from $286 in May, 2018. The May, 2019 figure was the highest level since late 2007.

-- The 30-year, fixed-mortgage interest rate averaged 3.8 percent in June, down from 4.57 percent in June, 2018, according to Freddie Mac. The five-year, adjustable mortgage interest rate averaged 3.48 percent, compared to 3.82 percent in June, 2018.

In other recent real estate and economic news, according to news reports:

-- San Diego County businesses are maintaining a relative upbeat outlook this summer, according to a recent survey by the San Diego Regional Chamber of Commerce. The survey, which was fielded in late June, shows continued optimism among local businesspeople regarding hiring, hours offered and revenue in the coming months.

-- The San Diego-Carlsbad-San Marcos market had the sixth-highest average mortgage debt in the country among major metro areas in the year’s first quarter, according to Experian. The San Diego region ranked sixth with an average of $386,530 owed per homeowner. That average is a 2 percent increase over the San Diego metro area’s debt last year, which averaged $378,975 per homeowner in 2018’s first quarter. San Diego was one of seven of the top 10 metro areas with the highest debt to show an increase over their 2018 first quarter averages.

-- San Diego rents increased 0.1 percent in June, and have increased marginally by 0.8 percent in comparison to the same time last year, according to the most recent report by Apartment List. Currently, median rents in San Diego stand at $1,570 for a one-bedroom apartment and $2,030 for a two-bedroom. San Diego’s year-over-year rent growth lags the state average of 1.2 percent, as well as the national average of 1.6 percent.

-- San Diego is the fourth-best large city in the country in which to live, according to WalletHub, a personal finance website. WalletHub ranked cities with a population above 300,000 by evaluating their affordability, economic strength, education and health quality, quality of life and safety. A total of 62 cities were sampled for the list, with Virginia Beach, Vir., taking the top spot. San Diego ranked 51st in affordability but ranked among the top-10 cities in education and health, quality of life and safety, and 12th in economic strength. Joining San Diego and Virginia Beach among the top five were Austin, Seattle and Las Vegas in second, third and fifth, respectively.

-- WalletHub also reports that San Diego is among the top 20 best places to raise a family. WalletHub compared the family-friendliness of more than 180 cities across the country based on 47 key metrics. The data set ranged from the cost of housing to the quality of schools. San Diego ranked 18th, as well as fourth for family fun, 18th for education and child care, 21st for health and safety, 59th for socio-economics, and 96th for affordability.
Chula Vista also landed on the list in the 60th spot. The South Bay city ranked eighth for health and safety, 30th for socio-economics, 31st for education and child care, 97th for family fun, and 142nd for affordability.

-- San Diego has the second fastest rate of growth for tech talent in the nation, according to a new report by CBRE Group, Inc. The commercial real estate firm’s tech talent scorecard ranks 50 U.S. and Canadian markets according to their ability to attract and grow tech talent. While the San Diego metro was ranked 18th overall for tech talent, its year-over-year growth rate of 10.2 percent outpaced tech growth in both Los Angeles and Orange County. CBRE also found: San Diego ranks 14th in population growth of people in their 20s (5.6 percent); San Diego is 7th in tech labor market competitiveness; With 73,170 total tech jobs, San Diego has the 20th largest tech talent labor pool; San Diego ranks 7th in highest tech wages with an average salary of $106,047, 10 percent above the national average.

-- The unemployment rate in San Diego County ticked up from 2.7 percent in May to 3.3 percent in June, but year-to-year job growth remained strong, according to the California Employment Development Dept. The rate in San Diego remained well lower than the rate for California and the United States as a whole, which were 4.1 percent and 3.8 percent, respectively.