Rick Griffin

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HIGHEST MORTGAGE RATES IN 5 MONTHS DAMPEN HOME SALES

Posted by Rick Griffin on Jun 4, 2024 7:00:00 AM

HIGHEST MORTGAGE RATES IN 5 MONTHS DAMPEN HOME SALESHome prices and home sales in San Diego County are continuing to surge, despite mortgage interest rates at the highest levels in five months, according to the latest home sales and price report from the California Association of Realtors (C.A.R.).

Sales of existing, single-family homes in San Diego County increased 6.2% from April 2024 to May 2024. In a year-over-year comparison, between May 2024 and May 2023, the sales pace was 0.7% higher.

Also, the average existing, single-family detached home in San Diego is selling for more than $1 million. The median sales price in May 2024 was $1,025,000, a small 2.1% decline from $1,047,500 in April 2024. A year ago, in May 2023, the median price for a San Diego home was $935,000, a difference of 9.6% with May 2024.

Statewide, the May 2024 real estate market was a slightly different story.

Higher mortgage rates hampered California home sales, both on a monthly and an annual basis. In addition, the statewide median home price exceeded $900,000 for the second straight month to set another record-high.

 

May 2024 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

May 2024 County Sales and Price Activity (Regional and condo sales data not seasonally adjusted)

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 272,410 in May 2024, 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 2024 if sales maintained the May pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

May 2024’s sales pace dipped 1.1 percent from the revised 275,540 homes sold in April 2024, and were down 6.0 percent from a year ago in May 2023, when a revised 289,860 homes were sold on an annualized basis. The sales pace remained below the 300,000-threshold for the 20th consecutive month and year-to-date home sales were flat.

“California home sales stalled in May as mortgage rates reached the highest level in five months and may have contributed to the slowdown in market activity,” said C.A.R. President Melanie Barker, a Yosemite REALTOR®. “However, a moderation in interest rates in the past couple of weeks and recent improvements in housing inventory could create an opportunity for motivated buyers to reenter the market before the homebuying season peaks.”

The statewide median price set another record high in May 2024, edging up 8.7 percent from $835,280 in May 2023 to $908,040 in May 2024, exceeding the $900,000-benchmark for the second month in a row.

California’s median home price was 0.4 percent higher than April 2024’s $904,210. The year-over-year gain was the 11th straight month of annual price increases for the Golden State. CAR said seasonal factors and tight housing supply conditions are expected to put upward pressure on home prices in the coming months.

Stronger sales of higher-priced properties continued to contribute to solid median price growth in May 2024, especially since million-dollar home sales in California have been rising more rapidly than their more affordable counterparts in the state. Sales in the million-dollar-and-higher market segment rose 15.5 percent year-over-year in May 2024, while sales in the sub-$500,000 segment declined by 12.2 percent. Sales of homes priced above a $1 million now make up 36.6 percent of all sales, the biggest share in the last five years.

California easily boasts the most million-dollar cities where the median home price is above $1 million. New York and New Jersey follow behind California.

California is home to 210 million-dollar cities, more than the next five states combined, and 12 more than a year ago. In San Diego County, 10 cities or communities with typical home values above $1 million include Rancho Santa Fe, Del Mar, Coronado, Solana Beach, Encinitas, Carlsbad, Poway, Bonita, Pala and Bonsall.

“A persistent shortage of homes for sale, particularly in the more affordable market segments, continued to push up California’s median home price to new record highs over the past couple of months,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “With mortgage rates coming back down from their recent peaks and market competition heating up, the statewide median price may have more room to grow before the summer ends."

 

Other key points from C.A.R.’s May 2024 resale housing report include:

  • At the regional level, home sales in all major regions continued to soften when compared to their year-ago levels, including -1.0% for Southern California.

  • At the regional level, all major regions registered an increase in their median price from a year ago, including a double-digit price gain of 10.0% for Southern California.

  • The unsold inventory statewide index, which measures the number of months needed to sell the supply of homes on the market at the current sales rate, remained flat at 2.6 months in May 2024, the same number for April and March 2024. In May 2023, the index was 2.1 months.

 

May 2024 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

May 2024 County Unsold Inventory and Days on Market (Regional and condo sales data not seasonally adjusted)

 

  • The unsold inventory index of available existing homes for sale in May 2024 in San Diego County was 2.4 months. The figure was 1.7 months in May 2023. For previous 2024 months, the figures were 2.2 months in April and March, 2.3 months in February and 2.6 months in January. 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.

  • Active listings at the state level rose on a year-over year basis for the fourth straight month, and the increase was the largest in 15 months.

With recent economic reports showing some promising signs that inflation could be cooling in a more sustainable fashion for the rest of the year, mortgage rates may moderate in the coming months as the daily fluctuations in yields continue. Further improvement on the supply side could be observed in the California housing market before the end of the home buying season.

  • The median number of days it took to sell a California single-family home was 16 days in May 2024 and April 2024, and 17 days in May 2023.

    In San Diego, the median number of days it took to sell an existing, single-family home was 12 days in May 2024, a figure that was identical to April and March 2024 and May 2023.

  • C.A.R.’s statewide sales-price-to-list-price ratio was 100% in May 2024, a figure that was identical to April, March and February 2024, as well as May 2023.

  • The 30-year, fixed-mortgage interest rate averaged 7.06 percent in May, up from 6.43 percent in May 2023, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.

Topics: Brokers/Managers, Market Information

GOOD NEIGHBOR AWARD: TRACY GIORDANO, COMMUNITY SERVICE IS HER PASSION

Posted by Rick Griffin on Jun 3, 2024 10:00:00 AM

GOOD NEIGHBOR AWARD: TRACY GIORDANO, COMMUNITY SERVICE IS HER PASSION

Congratulations to PSAR REALTOR® Tracy Giordano, a recipient of a PSAR Good Neighbor award.

Volunteering and serving her community isn’t an obligation for Tracy. Rather, it’s her passion. “It gives me a sense of fulfillment and purpose, knowing that I’m making a positive impact on the lives of other people,” she said.

Tracy was born and raised in La Mesa. She is a fourth-generation San Diegan. Family members relocated from Nova Scotia and Boston to San Diego in 1909, the same year Tracy’s great-grandmother was born in San Diego.

Tracy has deep roots in the community and a strong commitment to its well-being, as seen in her involvement as a volunteer with several organizations.

Tracy graduated from Helix Charter High School in 1998 (her husband Gabriel, a business consultant, graduated from Helix in 1994). Since 2021, Tracy has served as a board member on the Helix Charter High School Foundation. For the past two years, she has chaired the Foundation’s largest fundraiser, a golf tournament that recently raised $13,000 for scholarships.

From 2010 to 2022, when her three children were attending St. Martin of Tours Academy in La Mesa, Tracy supported the K-through-8th-grade school’s fundraising activities and served as a school board member for eight consecutive years, including as president her final year. For six years, from 2015 to 2021, she chaired the school’s Walkathon fundraiser. She also chaired the school’s 2014 Gala which raised more than $75,000.

In 2022, Tracy became a member of the La Mesa Village Association, a non-profit organization of local business owners. In 2023, she furthered her commitment as a board member and currently serves as membership officer and community liaison.

She works closely with village business owners and community members to foster collaboration and enhance the local area while supporting small businesses. She also organizes several community networking mixers in the Village, as well as weekly spotlight interviews to showcase local business owners (you can find all her interviews on Instagram, @lamesavillageassoc.

The La Mesa Village Association organizes several annual community events, including the La Mesa Car Show, the weekly Farmer’s Market, and Holiday in the Village. In addition, the La Mesa Village Association also sponsors several local events and foundations, including Octoberfest, La Mesa Parks and Recreation Foundation, and the Mt. Helix Park Foundation

Earlier this year, Tracy joined the Mt. Helix Park Foundation board of directors. The Foundation is responsible for preserving and enhancing the park that includes an outdoor amphitheater with a 1,600-person capacity and cross memorial on top of Mt. Helix. The Foundation was formed in 1999 to maintain the preserve of Mt. Helix Park, a registered California Point of Historical interest.

“As a child, I remember climbing the amphitheater’s stone rows and admiring the cross,” said Tracy. “The preservation of this historic landmark is something that is very important to me. So, it was a no-brainer for me to join the board and give my direct support to the Mt. Helix Park Foundation.” 

In 2018, Tracy earned her California real estate sales license. As a REALTOR®, she represents clients with both residential and commercial property transactions.

“I love real estate because it’s a relationship-type business,” she said. “I’ve been successful with referrals from previous satisfied clients.”

Tracy’s involvement with PSAR has included supporting YPN events and attending weekly pitch sessions. “I also appreciate the educational events, which help all of us gain more knowledge and extend our expertise as REALTORS®. Our association feels like family to me.”

The PSAR Good Neighbor awards are intended to recognize individuals, not associations or companies.

Nominees must be REALTOR® or Affiliate members and an active licensed practitioner in good standing with PSAR.

Judging of nominees will be based on the level of personal contribution, especially volunteer (unpaid) hours, though contributions of money and other resources also will be considered.

Some portion of the nominee’s work must have taken place within the 12 months before the nomination rolling deadline of the last business day of each month.

If an individual within your company can be singled out as instrumental to the success of a group effort, then he or she is eligible. If the achievements of two people (such as a married couple or co-founders of an organization) cannot be separated, then they can enter as a pair and their entry will be considered as one.

Nominations for a quarterly PSAR Good Neighbor award can be submitted by emailing Sally Valdez, PSAR VP of Operations, at sally@psar.org.

Topics: Announcements, Leadership

GOOD NEIGHBOR AWARD: MARLOW MARTINEZ HELPS THE DOWNTRODDEN

Posted by Rick Griffin on May 30, 2024 11:00:00 AM

GOOD NEIGHBOR AWARD: MARLOW MARTINEZ HELPS THE DOWNTRODDEN

Congratulations to PSAR REALTOR® Marlow Martinez, a recipient of a PSAR Good Neighbor award.

Since 2013, Marlow, a Chula Vista resident, has been making friends and changing lives via the Marlow B. Martinez Sr. (MBM) Foundation, a 501(c)3 nonprofit.

Named after his late father who passed away in 2013, Marlow and his MBM foundation have been easing burdens and assisting families during their most tumultuous times for more than a decade.

Marlow’s volunteer efforts have included providing families with Christmas gifts, supplying Thanksgiving dinners, and organizing holiday toy drives, backpack and school supply drives. Other activities include surprising children in low-income families with birthday parties, and delivering meals to military families and the elderly during the Covid-related lockdowns.

Marlow’s inspiration for helping others is based on his father’s example of community service. At age 14, Marlow’s father took on a fatherly role for his single mom and eight siblings. During his 40-year government career, Marlow’s father created a nonprofit to ensure minorities had ample and fair opportunities at management-level government jobs.

Two of Marlow’s father’s favorite sayings were “Don’t worry when you are not recognized, but strive to be worthy of recognition,” and “A community is much better if we look out after one another versus taking from one another.”

Here is Marlow’s story about the founding of the MBM Foundation.

“I was living in Murrieta in 2011 when my dad had a severe stroke,” said Marlow. “He was 62 years old and in great shape. He went from working full-time to being 100% dependent, requiring 24-hour care with a feeding tube and tracheotomy in his neck. Rather than send him to a care facility, we took him home. My brother and I became full-time nurses overnight.

It was a two-year battle. He was in a wheelchair and learning to walk again. The doctors said his progress was nothing short of a miracle. I was determined to give him the best opportunity to live.

Then, he had another stroke and we lost him. His funeral drew 300 people from all over the country. I had no idea how many people my dad had helped. He helped people get better jobs and encouraged them to get an education. He was a dedicated father and community friend with a heart of gold. Even today, strangers ask me if I’m Marlow’s son.

When he passed away, I wanted to keep his work and spirit alive. So, I created the MBM Foundation in his honor. We’ve been lucky to have blessed so many families.”

Marlow says his real estate career has paid for his living expenses for nearly 20 years. He has worked as a loan officer and real estate agent. He earned his broker's license in 2011. He also has worked as a property-and-casualty insurance broker and substitute elementary school teacher. He has been a member of PSAR since 2008.

“Over the past 14 years, I have bought and sold out-of-state flips and still continue to own an out-of-state portfolio of homes,” he said. “I’m working on my first apartment building purchase."

“Real estate has taught me to look for opportunities and know a good market when I see one. Real estate will always be part of my life because it allows me to remain involved in the community and with disadvantaged youth. My heart is filled with passion to try and make these kids’ lives better and prepare them for a better future.”

For more information about the MBM Foundation, visit www.facebook.com/marlowbmartinezfoundation/.

Topics: Announcements, Leadership

SPRING HOMEBUYING SEASON KICKS-OFF WITH ENCOURAGING START

Posted by Rick Griffin on May 14, 2024 10:00:00 AM

HOME SALES PACE NOT SLOWING IN SAN DIEGO

The Spring 2024 homebuying season kicked off with an encouraging start for home sales and record-high home prices, according to the latest home sales and price report from the California Association of Realtors (C.A.R.).

The typical California single-family, detached house for sale now costs more than $900,000, a first-time-in-history, record-breaker for the median price. The April 2024 statewide median home price was $904,210, up 5.8% from the March price of $854,490, and up 11.4% from the $811,510 posted in April 2023.

The year-over-year gain was the 10th straight month of annual price increases in the Golden State.

Seasonal factors and tight housing supply conditions will continue to put upward pressure on home prices across the state in the coming months.

Historically speaking, it was roughly two years ago, in March 2022, when the median crossed $800,000 for the first time. Other statewide $100,000 home-price thresholds include $700,000 in August 2020, $600,000 in May 2018, $500,000 in April 2004, $400,000 in August 2003 and $300,000 in March 2002.

In San Diego County, home prices are still moving higher and approaching $1.1 million. The median sales price of an existing, single-family detached home in April 2024 was $1,047,500, a 2.7% difference from March 2024, when the median price was $1,020,000. In February 2024, the median price was $980,000. A year ago, in April 2023, the median price for a San Diego home was $930,000, a difference of 12.6% from April 2024.

 

April 2024 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

April 2024 County Sales and Price Activity (Regional and condo sales data not seasonally adjusted)

 

Meanwhile, as prices continue to rise, home sales also are rebounding.

On a statewide basis, the sales pace increased 3% for April 2024, when 275,540 existing, single-family detached homes were sold on a seasonally adjusted annualized rate. The statewide annualized sales figure represents what would be the total number of homes sold during 2024 if sales maintained the April pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The 3% increase is a comparison with the previous month of March 2024, when 267,470 homes were sold. In a year-over-year comparison between April 2024 and April 2023, the sales pace difference was 4.4%. The year-to-date home sales grew 1.6%.

The number of California homebuyers in April 2024 was below 300,000 for the 19th consecutive month. Since 1990, homebuying in the state has averaged 402,000 sales per month.

In San Diego County, sales of existing, single-family homes increased 7.5% in April 2024, compared to March 2024, and 8.8%, compared to April 2023.

“April’s rebound in both home sales and price shows the resilience of California’s housing market and is a signal that buyers and sellers are beginning to adjust to the higher interest rate environment,” said C.A.R. President Melanie Barker, a Yosemite REALTOR®. “Market fundamentals are showing signs of improvement, and competition is on the rise again; homes are selling faster and nearly half the share of homes is selling above asking price, the highest in nine months.”

“While the market performed solidly in April, we don’t expect to see a rapid recovery as long as inflation remains sticky and mortgage rates continue to fluctuate despite recent dips,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “However, housing inventory has also started to increase, which will provide much-needed supply to the market and facilitate a higher level of home sales in the second half of the year.”

Sales of homes priced at or above $1 million in California continued to hold up better than their more affordable counterparts in the state during the last few months. Sales in the $1 million-and-higher market segment in April 2024 surged 39.8% year-over-year, while the sub-$500,000 segment declined moderately (-8.0%) during the same timeframe.

The change in the mix of sales of homes priced above $1 million accounted for more than one-third (36.4%) of all sales, which was the largest share in the last five years.  

The growth in sales of higher-priced homes continues to provide upward support to the statewide median price and was partly responsible for the solid increase in the year-over-year growth rate at the start of the second quarter.

 

Other key points from C.A.R.’s April 2024 resale housing report include:

  • April 2024 home sales in all major regions of the state advanced both in month-over-month and year-over-year, including 8.7% in Southern California.

  • At the regional level, all major regions registered an increase in their median price from a year ago, including a double-digit price gain of 12.1%. The San Francisco Bay Area recorded the biggest price jump on a year-over-year basis, increasing 15.5 percent from April 2023.

  • The unsold inventory statewide index, which measures the number of months needed to sell the supply of homes on the market at the current sales rate, remained flat at 2.6 months in April 2024, the same number for March 2024. In April 2023, the index was 2.5 months.

April 2024 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

April 2024 County Unsold Inventory and Days on Market (Regional and condo sales data not seasonally adjusted)

 

  • The unsold inventory index of available existing homes for sales in April 2024 in San Diego County was 2.2 months, a figure that was identical to March 2024. The index was 2.3 months in February 2024 and 2.6 months in January 2024. In April 2023, the index was 1.9 months. 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.

  • New active listings at the state level in April 2024 increased from a year ago for the fourth consecutive month by double digits as more sellers listed their homes up for sale in time for the spring home buying season. Despite the moderate uptick in housing demand last month, the jump in new housing supply contributed to an improvement in the overall active listings.

  • The median number of days it took to sell a California single-family home was 16 days in April 2024, 19 days in March 2024, and 20 days in April 2023.

  • In San Diego, the median number of days it took to sell an existing, single-family home was 12 days in April 2024, a figure that was identical to March 2024 and April 2023. For the previous 2024 months, the figure was 13 days in February and 21 days in January. The median represents the time when half the homes sell above it and half below it.

  • C.A.R.’s statewide sales-price-to-list-price ratio was 100% in April 2024, a percentage that was identical to March 2024 and February 2024.

  • The 30-year, fixed-mortgage interest rate averaged 6.99 percent in April, up from 6.34 percent in April 2023, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.

Topics: Brokers/Managers, Market Information

Good Neighbor Award Rafael Perez: Recognizing his Community Service and Housing Advocacy

Posted by Rick Griffin on May 8, 2024 12:23:58 PM

Rafael Perez

Congratulations to PSAR REALTOR® Rafael Perez, a recipient of a PSAR Good Neighbor award for the 2024 first quarter.

The PSAR Good Neighbor Awards highlight volunteer activities by individual PSAR members in the community

A PSAR REALTOR® of the Year award winner and longtime PSAR Board Member, Rafael has worked in real estate since graduating from San Diego State University in 2004. He has extensive experience as a realtor, mortgage banker, lender, and educator.

Throughout his career, he has served as a community volunteer in many different roles. He also has led previous PSAR advocate efforts on smart growth, fair housing, and housing supply solutions, including serving as chair of PSAR’s Government Affairs Committee-Central Area.

He was recently involved in PSAR’s flood relief grant efforts. PSAR and SDAR jointly received a $1.16 million grant from the Realtors Relief Foundation (RRF) to assist flood survivors. San Diego flood victims who suffered damage to their homes during the January 2024 storms are reminded to reach out to PSAR before the May 31 application deadline.

Currently, Rafael is serving as board chair of the Casita Coalition, a non-profit organization that advocates for more housing solutions, including ADUs and Missing-Middle housing. Casita Coalition educates industry and governmental officials on best practices and promotes increased homeownership opportunities.

Several years ago, Rafael was instrumental as PSAR’s lead in a two-year effort to help the City of San Diego draft a handbook for homeowners around new rules and regulations for ADUs (auxiliary dwelling units), also called “companion units” or “granny flats.” PSAR supports the rights of property owners to expand the use of their property as a way to address the region’s housing supply and affordability crisis.

Rafael’s participation in the City of San Diego’s ADU Coalition culminated with the city’s 2019 publication of the “Companion Unit Handbook,” a 38-page booklet that today serves as a helpful guide to homeowners seeking to construct a companion unit on their property.

“From the beginning, we brought a REALTORS® perspective to the table,” Rafael 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.”

Rafael has held the position of 2023 board chair of the Sherman Heights Community Center. The center’s diverse programming, ranging from support for senior citizens to youth activities and food security initiatives, has served as a hub for significant impact on the historic neighborhoods of Sherman Heights, Logan Heights, Grant Hill, and surrounding areas.

Notably, the Sherman Heights Community Center has gained recognition for its vibrant Día De Los Muertos events. Rafael is currently chairing the facility committee, which is overseeing fundraising for the construction of a solar energy project for the community center.

Additionally, Rafael dedicated four years to serving on the National Association of REALTORS® (NAR) Fair Housing Policy Committee, a group that promotes fair housing and opposes segregation through redlining and other roadblocks, including exclusionary zoning. He was one of four realtors in the U.S. who were recognized in 2022 with an inaugural Fair Housing Champion award

2022 NAR Fair Housing Champion Award - Rafael Perez2022 NAR Fair Housing Champion Rafael Perez, shares his expertise during a panel discussion called “Building a Legacy: How Latino Families Can Secure Their Financial Future

 

 

 

He served as a Commissioner for the City of San Diego's Citizens’ Equal Opportunity Commission for nine years until 2022.

Following this, he was appointed to the San Diego County Regional Airport Authority Board in January 2023, where he is a Board Member for the Authority and serves as a representative (alternate) on the SANDAG Transportation Committee.

blog photo_Rafael PerezFurther showcasing his commitment to community well-being, he served as a board member of the United Lowrider Coalition. Rafael worked with the coalition and Assemblymember David Alvarez (D-80th District) on the passage of Assembly Bill 436, which removed the authorization for a local authority to adopt rules and regulations regarding cruising bans.

Rafael also has volunteered at Sherman Elementary, actively participating in the school site council, site governance team, and PTA. He played a role in the school's transition to a Community School when it was selected in San Diego Unified School District's second cohort of Community Schools in 2023.

Rafael also is serving as Secretary for the San Diego County Democratic Party.

“Our members are active and helping in the community, and they should be recognized for their efforts,” said Laurie, who is highlighting volunteer activities by PSAR members during her 2024 term as president. “I believe that realtors are one of the most likely professions to volunteer in their local communities.”

MacDonald, a La Mesa resident, is leading by example. She is currently in her third year serving as president of the La Mesa Park & Recreation Foundation, a nonprofit that raises funds to improve parklands and programs at parks in the city of La Mesa.

Nominees must be active licensed REALTOR® or Affiliate members in good standing with PSAR.

Nominees are judged on the level of personal commitment, especially volunteer (unpaid) hours. Monetary and other resource contributions are also considered.

Some portion of the nominee’s work must have taken place within 12 months prior to the nomination's rolling deadline of the last business day of each month.

If an individual within your company can be singled out as instrumental to the success of a group effort, then he or she is eligible. If the achievements of two people (such as a married couple or co-founders of an organization) cannot be separated, then they can enter as a pair and their entry will be considered as one.

Nominations for a quarterly PSAR Good Neighbor award should be submitted by emailing Sally Valdez, PSAR VP of Operations, at sally@psar.org.

Topics: Announcements, Leadership

HOME SALES PACE NOT SLOWING IN SAN DIEGO

Posted by Rick Griffin on Apr 4, 2024 9:25:00 AM

HOME SALES PACE NOT SLOWING IN SAN DIEGO

While California’s statewide housing market lost momentum in March after lower home sales, the sales pace did not slow down in San Diego County with a jump of more than 15 percent, plus a return to median home prices exceeding $1 million, according to the latest home sales and price report from the California Association of Realtors (C.A.R.).

Statewide, the sales pace for existing, single-family homes fell 7.8 percent from February 2024 to March 2024, and a drop of 4.4 percent from March 2024 to March 2023. March was the first time in three months for statewide home sales to decline on a year-over-year basis.

Also, the statewide sales pace remained below the 300,000-threshold for the 18th consecutive month. On a year-to-date basis, California home sales still exceeded the level experienced in first-quarter 2023 by 0.7 percent, but the gain continued to shrink in March. Year-to-date statewide homes sales were up 0.7 percent.

In contrast, home sales in San Diego increased 15.7 percent in a month-over-month comparison between March 2024 and February 2024. However, in a year-over-year comparison between March 2024 and March 2023, the sales pace was lower, a decrease of 7.1 percent.

Similarly, San Diego home prices kept moving higher. The median sales price of an existing, single-family detached home in March 2024 was $1,020,000, a 4.1 percent difference from February 2024, when the median price was $980,000. A year ago, in March 2023, the median price for a San Diego home was $915,000, a difference of 11.5 percent with March 2024.

March 2023 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

March 2023 County Sales and Price Activity (Regional and condo sales data not seasonally adjusted)

Home prices on a statewide basis also have been higher. The median price of an existing, single-family home in California was $854,490 in March 2024, compared to $806,490 in February 2024, and $793,260 in March 2023.

The year-over-year gain was the ninth straight month of annual price increases for the Golden State. March marked the 11th time in the last 12 months that the median price for an existing single-family home was above $800,000.

Sales of homes priced at or above $1 million dollars in California have been holding up better than their more affordable counterparts in the last few months.

The $1 million-and-higher market segment continued to grow year-over-year in March 2024 by a decent clip (9.9 percent), while the sub-$500,000 segment declined again modestly (-2.4 percent). The change in the mix of sales continued to provide upward support to the statewide median price and was partly responsible for the solid increase in year-over-year growth rate at the end of the first quarter.

“While home sales lost momentum in March, the housing market remains competitive as we’re seeing the statewide median home price reaching the highest level in seven months, and homes selling quicker than last year,” said C.A.R. President Melanie Barker, a Yosemite REALTOR®.  “On the supply side, the market continues to improve with an increasing number of properties being listed on the market as more sellers begin to accept the new normal.”

“With mortgage rates reaching the highest levels since mid-November 2023, the housing market struggled to build on the momentum exhibited in the first two months of this year,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. ”While sales could be hindered by higher rates in the coming weeks, the uptick in recent months suggests that we could see a bounce back in housing activity when the market digests the latest inflation report.”

 

Other key points from C.A.R.’s March 2024 resale housing report include:

 

  • Home sales in most major regions of the state declined on a year-over-year basis in March 2024, including 7.8 percent in Southern California.

  • At the regional level, all major regions registered an annual increase in their median price from a year ago, including a double-digit price gain of 11.1 percent in Southern California.

  • Unsold inventory statewide decreased 13.3 percent in March 2024 on a month-over-month basis but increased from March 2023 by 23.8 percent. The index, which measures the number of months needed to sell the supply of homes on the market at the current sales rate, dipped from 3.0 months in February 2024 to 2.6 months in March 2023. The index was 2.1 months in March 2023.

March 2023 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

March 2023 County Unsold Inventory and Days on Market (Regional and condo sales data not seasonally adjusted)

  • Active listings at the state level in March 2024 increased on a year-over year basis for the second consecutive month, and the increase was the largest in 13 months. It’s an encouraging sign that housing supply could be heading in the right direction as the market enters the spring home-buying season. However, mortgage rates could reach a four-month-high in coming weeks and rates are expected to remain elevated longer than previously anticipated, which could delay some potential sellers in putting their house up on the market.

  • New active listings at the state level increased from a year ago for the third consecutive month by double digits as more sellers listed their homes on the market ahead of the spring home-buying season. The jump in new housing supply, along with a modest slowdown in housing demand last month, contributed to an improvement in the overall active listings.

  • The median number of days it took to sell a California single-family home was 19 days in March 2024, 22 days in February 2024, 32 days in January 2024 and 24 days in March 2023.

  • In San Diego, the median number of days it took to sell an existing, single-family home was 12 days in March, 13 days in February 2024, 21 days in January 2024 and 15 days in March 2023. The median represents the time when half the homes sell above it and half below it.

  • C.A.R.’s statewide sales-price-to-list-price ratio was 100 percent in March 2024 and February 2024, 98.9 percent in January 2024 and 99.1 percent in  March 2023.

  • The 30-year, fixed-mortgage interest rate averaged 6.82 percent in March, up from 6.54 percent in March 2023, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.

Topics: Brokers/Managers, Market Information

MEET CHARMAINE ORCINO-GONZALES, NEW PSAR BOARD MEMBER, MAKING AN IMPACT ON PEOPLE’S LIVES

Posted by Rick Griffin on Apr 3, 2024 9:00:00 AM

Charmaine Orcino-Gonzales

Meet REALTOR® Charmaine Orcino-Gonzales, who was recently elected to serve a two-year term (2024-2025) on the PSAR board of directors.

After a successful 19-year career in banking, Charmaine had a simple reason for switching to real estate in 2016.

“At first, it was a scary transition, but I was motivated to be more involved and make a bigger impact on other people’s lives,” she said. “What better way to do that than to help people with the biggest investment of their lives.”

Charmaine grew up in San Diego and graduated from Morse High School. “Right out of high school, I started working as a bank teller,” she said. “After moving up the ranks to management, I was promoted to sales development consultant with a territory that stretched from the border to La Jolla to Alpine.”

Charmaine said she joined PSAR at the start of her real estate sales career.

“I felt intimidated at my first rally-and-ride pitch session. I can be very shy in unfamiliar environments,” said Charmaine. “Fortunately, a friendly person approached me and welcomed me to PSAR. Later, we met for coffee and one month later he referred me to a client. I ended-up doing four deals with that same client, who later referred me to another four clients. It’s my fairytale, Cinderella story, all because of making just one connection at a PSAR pitch session.”

Charmaine said she became more involved with PSAR in 2019, starting with PSAR’s Young Professionals Network (YPN) group. First, she was a YPN Committee member, followed by Co-Vice Chair in 2020 and Chair in 2021.

She also has served with PSAR as the Chair of the planning committee for the R.E.A.L. (Real Estate Achievement and Leadership) awards celebration event the last two years.

A couple of years ago, she was approached about serving on the PSAR board of directors.

“I was tapped on the shoulder and encouraged to run for a board position, but I wasn’t ready at the time. The timing wasn’t right,” Charmaine said. “Last year, I was tapped on the shoulder again and decided to go for it. I’m grateful for the opportunity to serve on the board in 2024. I’m super excited.”

Today, the roles are reversed and she’s doing the “tapping on the shoulder,” encouraging PSAR members to get involved.

“There’s not a better way to get involved in supporting the industry than serving on a PSAR committee,” she said. “I’m always approaching our members and encouraging them to get involved. It’s a great opportunity to learn more about the nuts-and-bolts of our industry and develop a deeper connection to our careers, including supporting property rights and homeownership. And, you never know whom you will meet and how they can help you.”

Charmaine also says she appreciates the supportive culture and sense of community she feels as a member of PSAR and when she attends PSAR events.

“I would encourage all of our PSAR members, especially newer agents, to attend as many events as possible and get involved, the earlier the better,” she said. “The connections with peers and colleagues are so important in this business."

Charmaine said one of the reasons she chooses to be a member of PSAR is because it is member-driven and member-centric, supported by an incredible staff. “The PSAR staff backs-up what they say with their hard work. They really do care. They serve the members in the best ways and everyone succeeds. I will always stay loyal to PSAR.”

Topics: Announcements, Leadership

HOUSING MARKET REMAINS RESILIENT, DESPITE HIGHER RATES

Posted by Rick Griffin on Mar 11, 2024 1:00:00 PM

LOWER HOME SALES, EVEN WITH LOWER MORTGAGE RATES

Despite a recent uptick in mortgage interest rates, California’s housing market continued to demonstrate resiliency in February 2024, reaching sales levels not seen since September 2022, according to the latest home sales and price report from the California Association of Realtors (C.A.R.).

In San Diego County, homes sales and home prices outpaced statewide levels with greater margins.

Sales of existing, single-family homes in San Diego County increased 20.9 percent in a month-over-month comparison between February 2024 and January 2024. In a year-over-year comparison between February 2024 and February 2023, the sales pace also was higher, an increase of 8.1 percent.

Similarly, statewide home sales for February 2024 increased 12.8 percent in a month-over-month comparison and 1.3 percent year-over-year. The monthly sales increase was the second straight month of double-digit gains for California. It was also the second consecutive month of year-over-year gains.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 290,020 in February, 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 2024 if sales maintained the February pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The statewide sales pace remained below the 300,000 threshold for the 17th consecutive month. While it is likely that sales will stay below this level in the first quarter of 2024, statewide home sales on a year-to-date basis remained positive with an increase of 3.4 percent, suggesting a better spring home-buying season than that experienced last year.

Meanwhile, home prices continued to rise in San Diego County in February 2024.

The median sales price of an existing, single-family detached home in San Diego County in February 2024 was $980,000, a 5.9 percent difference from January 2024, when the median was $925,000. A year ago, in February 2023, the median price for a San Diego County home was $878,000, a difference of 11.6 percent with February 2024.

February 2023 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

February 2023 County Sales and Price Activity (Regional and condo sales data not seasonally adjusted)

Home prices on a statewide basis also increased, but at smaller margins compared to San Diego. The median price of an existing, single-family home in California was $806,490 in February 2024, a 2.2 percent difference with the statewide median price of $789,480 in January 2024. A year ago, in February 2023, the statewide median home price was $735,300, a difference of 9.7 percent with February 2024.

The near-double-digit, year-over-year gain was the eighth straight month of annual price increases for the Golden State. It was the tenth time in the last 11 months that the median price for an existing single-family home was above $800,000.

With mortgage rates on the uptick since the start of the year and concerns about rates staying elevated for at least the first half of 2024, the housing market could struggle to build on the momentum exhibited in the first two months of this year. However, tight inventory conditions should keep the market highly competitive and provide support for prices.

Moreover, sales of homes priced at or above $1 million have been holding up better in the last few months than more affordable options. The high-end market segment continued to grow year-over-year in February by double digits, while the more affordable segment declined again modestly. The mix of sales toward higher priced homes continued to provide support to the statewide median price and was partly responsible for the strong surge year-over-year price growth rate in February.

“Housing supply conditions in California continued to improve in February with new active listings rising more than 10 percent for the second straight month,” said C.A.R. President Melanie Barker, a Yosemite REALTOR®. “This is great news for buyers who have been competing for a dearth of homes for sale, and the momentum will hopefully build further as we enter the spring home buying season.”

“Consumers have been feeling more positive about buying and selling since the beginning of the year, as increases in sales activity and home prices are reflected in the latest improvement in optimism,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “While the recent upward movement in interest rates may result in more moderate sales in March, we expect homebuyers on the sidelines to reenter the market as the economy slows and rates begin to trend down again in the second quarter.”

 

Other key points from C.A.R.’s February 2024 resale housing report include:

  • Home sales in all major regions in the state rose in February 2024, including 7.0 percent in Southern California.

  • At the regional level, home prices increased in February 2024 in all major reasons compared to a year ago, including 10.8 percent in Southern California.

  • The unsold inventory statewide index decreased 6.3 percent in February 2024 on a month-over-month basis, dipping by 3.2 percent from February 2023. The index, which measures the number of months needed to sell the supply of homes on the market at the current sales rate, dipped from 3.2 months in January 2024 to 3.0 months in February 2024. The index was 3.1 months in February 2023.

    February 2023 County Unsold Inventory and Days on Market
    (Regional and condo sales data not seasonally adjusted)

    February 2023 County Unsold Inventory and Days on Market (Regional and condo sales data not seasonally adjusted)

  • The unsold inventory index of available existing homes for sales in February 2024 in San Diego County was 2.3 months, a figure that was identical to February 2023. The index was 2.6 months in January 2024. 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.

  • Existing active listings at the state level increased on a year-over year basis for the first time in 11 months. February’s increase was the largest in 12 months, an encouraging sign that housing supply could be heading in the right direction as the market approaches the spring home-buying season. However, mortgage rates have increased since the start of the year and are expected to remain elevated, which may cause potential sellers to have second thoughts about listing their house for sale.

  • New active listings in February 2024 at the state level increased from a year ago for the second consecutive month by double digits as more sellers listed their homes on the market ahead of the spring home buying season as mortgage rates dipped at the start of the year. The annual listings increase was the largest since May 2022.

  • The median number of days it took to sell a California single-family home was 22 days in February 2024, 32 days in January 2024 and 35 days in February 2023.

  • In San Diego, the median number of days it took to sell an existing, single-family home was 13 days in February 2024, 21.5 days in January 2024 and 19 days in February 2023. The median represents the time when half the homes sell above it and half below it.

  • C.A.R.’s statewide sales-price-to-list-price ratio was 100 percent in February 2024, 98.9 percent in January 2024 and 97.7 percent in February 2023. In 2023, the statewide, sales-price-to-list-price ratio on a monthly basis was at 99 percent in December, 100 percent in November, October, September, August, July, June, May and April, 99.1 percent in March, 97.7 percent in February and 96.5 percent in January.

  • The 30-year, fixed-mortgage interest rate averaged 6.78 percent in February, up from 6.26 percent in February 2023, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.

Topics: Brokers/Managers, Market Information

MEET MONICA GREENWOOD, NEW PSAR BOARD MEMBER, SERVING IS PART OF HER LIFE PHILOSOPHY

Posted by Rick Griffin on Mar 11, 2024 10:00:00 AM

Monica Greenwood

Meet REALTOR® Monica Greenwood, who was recently elected to serve a two-year term (2024-2025) on the PSAR board of directors.

Monica began her real estate career in 2005 with a mortgage loan company after earning her bachelor’s degree in business management from the University of Phoenix. She earned her real estate sales license in 2009, and her broker’s license in 2021. The Pacific Palisades native has lived in San Diego for the past 20 years. 

Monica speaks fluent French. She attended the Université Catholique de l’Ouest (UCO) in Angers, France, and College International de Cannes. She graduated with degrees in art history and language in 1987.

“I have French-speaking clients and I enjoy helping them,” Monica said. “Many of my family members live in Manchester, England, where I plan to visit this year.”

Monica said she was attracted to PSAR because of the excellent customer service. “Shortly after joining PSAR, I was so impressed with the ease of getting my questions answered. The office staff is so helpful. Also, I really enjoy the educational classes.”

Monica is a member of the Agent Leadership Council at the Keller Williams Realty San Diego East Foothills brokerage in El Cajon. She also is the brokerage’s risk management director and assists with agent education and training as chair of the Education Committee. She teaches weekly classes to agents, in addition to mentoring agents in the brokerage.

Monica has an in-depth knowledge of exactly what is involved in getting a real estate transaction closed. Her background in accounting and finance also helps her keep close attention to detail. 

“I’m serving on the PSAR board because I care about helping other agents and improving our industry for the benefit of homeowners. It’s part of my philosophy of life to do good in the world,” Monica said. “I always want to encourage homeownership for everyone and look out for the best interests of homeowners.”

She also has earned the highly-respected Certified Distressed Property Expert (CDPE) professional designation, which means Monica understands about alternatives available to homeowners facing financial hardship. CDPE holders have a thorough understanding of complex issues in today’s turbulent real estate industry and knowledge of foreclosure avoidance options available to homeowners. CDPEs can provide solutions, specifically on short sales, for homeowners facing market hardships.

“It’s important to me that I have completed comprehensive training so I can solve any foreclosure crisis one homeowner at a time,” said Monica. “Unfortunately, many homeowners often proceed through the financially and emotionally devastating prospect of foreclosure without any guidance. This is unnecessary because there are tools available to help homeowners find the best solutions for their unique situations.”

In recent years at PSAR, Monica is currently serving on the Grievance Committee. She also has been active with PSAR’s Young Professionals Network (YPN) group and enjoys going to these events. 

“It’s important for me to give back to our industry and make sure everyone has a voice, that’s why I ran for the board,” she said. “I always want to encourage our members to get involved, join a committee, and lend your voice. Your voice matters just like everybody else’s. There are many good committees that our PSAR members can join.”

She also has served as a board member and education director for the Veterans Association of Real Estate Professionals (VAREP), San Diego chapter. VAREP’s mission is to increase sustainable homeownership, financial literacy education, and economic opportunity for the active-duty and veteran communities. The VAREP San Diego chapter was founded in July 2013.

In her spare time, Monica said enjoys playing golf, skiing, hiking, and boating.

“The next thing I want to try is pickle-ball,” she said. “It looks like a lot of fun.”

Topics: Announcements, Leadership

MEET JIM O’DONNELL, NEW PSAR BOARD MEMBER, PART OF A `VIBRANT CULTURE'

Posted by Rick Griffin on Mar 7, 2024 10:00:00 AM

Jim ODonnell

Meet REALTOR® Jim O’Donnell, who was recently elected to serve a two-year term (2024-2025) on the PSAR board of directors.

Real estate sales is a second career for Jim, a Long Island native. He previously spent 27 years working in the banking industry in New York and San Diego with Bank of America and J.P. Morgan Chase & Co. His jobs in banking included talent acquisition, recruiting military veterans, and various training and human resources assignments.

One of his favorite roles in banking consisted of creating homeownership opportunities for low-to-moderate-income families by serving as a program manager for a community revitalization program. The program featured the bank re-gifting foreclosed homes to nonprofit organizations. Then, the nonprofits would remodel the homes and keep the proceeds from the home sale.

“It was the best job in the bank to give away homes to nonprofits,” said Jim. “It was a win-win opportunity for all parties. Building community partnerships that transformed neighborhoods was just so incredibly rewarding.”

Jim left the banking industry in 2017 and started his full-time real estate sales career in August 2018. The Mount Helix resident has lived in San Diego County since 1996.

“I really love real estate because we’re helping everyday people with the biggest investment of their lives, matching the right buyer to the right seller,” said Jim. “Homeownership is an investment that will lead to preserving and growth wealth over generations.”

Jim is known by the vehicle he drives, a recognizable 1965 Volkswagen bus, sometimes called a “hippie bus” made popular during its heyday as a counterculture icon of the 1960s.

“I see people smile when they see me driving down the road,” said Jim. “Other drivers honk their horns and give me the peace sign.”

Jim, also continues to serve as a member of PSAR’s Government Affairs Committee and Grievance Committee.

“I like to be engaged in the conversation and have a seat at the table when it comes to advocacy, which is why I enjoyed Government Affairs,” said Jim. “Also, the Grievance Committee was a natural for me with my human resources background.”

Jim admires PSAR and appreciates the family's feelings at PSAR events.

“At every PSAR meeting, I notice a sense of community, open communication, a welcoming team spirit, and support for each other,” he said. “I’ve been around long enough to size up the culture of an organization because I’ve seen how a vibrant culture can make everyone more successful.”

One of Jim’s new roles at PSAR is co-hosting the PSAR East County Pitch, a weekly marketing pitch session held from 9 to 10 a.m. on Thursdays at the PSAR East County Event Center, 1150 Broadway, El Cajon. Laurie MacDonald, 2024 PSAR President, is the other co-host.  

“PSAR values its members, who, in turn, value their clients,” he said. “When you put your client’s best interests first, then your personal needs will be realized beyond your greatest expectations.”

Topics: Announcements, Leadership