Rick Griffin

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PSAR HELPING THOSE IN NEED

Posted by Rick Griffin on Dec 6, 2019 6:00:00 PM

PSAR Charity Presents Checks to those in need

 

Congratulations to the PSAR Charity Committee.

At a recent PSAR Rally & Ride pitch session, in addition to hearing information about available properties, attendees recognized the outstanding efforts in 2019 by members of the PSAR Charity Committee.

Four local nonprofits were presented with checks from proceeds resulting from two events organized this past year by the Charity Committee.

Three of the nonprofits benefited from proceeds generated by the 2019 PSAR REALTOR® Games, held Friday, June 21. The nonprofits included South Bay Community Services, Unity 4 Orphans and Meals on Wheels San Diego County. Each received $3,500, for a grand total of $10,500, which exceeded the amount raised last year.

The fourth nonprofit, San Yisdro Health Center, was presented with a check for $3,000. These proceeds were generated by, the 2019 PSAR Zombie 5k Run-Walk, held Saturday, Oct. 12.

“PSAR is very proud to support these nonprofits and the extraordinary service they provide to our local communities,” said Laurie MacDonald, 2020 Charity Committee chair. “REALTORS® care greatly about supporting our local communities. We are active volunteers who play an important role in improving neighborhoods to the benefit of homeowners who want to share in the American dream and have a better place to live, work and raise their families.”

PSAR’s third annual PSAR REALTOR® Games, held at Scobee Park, located at 2390 Boswell Road in Chula Vista’s EastLake community, drew more than 200 participants.

The REALTOR® Games featured teams competing in mental and physical challenges. The competitions included agility activities, such as a sack race, free-throw contest, balloon catch and cornhole, plus mental challenges, including a spelling bee, board puzzle and “REALTOR® Feud,” a game resembling TV’s “Family Feud.” Another competition cwas “Jenga,” a game of skill featuring players taking turns removing one wooden block at a time from a tower constructed of several dozen blocks.

Members of PSAR’s Charity Committee who organized this year’s REALTOR® Games were Robert Cromer, Laurie MacDonald, Angie West and Rhonda Beathard.

The 2019 PSAR Zombie 5k Run-Walk, held at Rohr Park, located at 4548 Sweetwater Road, Bonita, drew an enthusiastic crowd. Participants dressed in their best zombie attire, including Halloween costumes. A contest was held for best-dressed pet and child. Additional activities included face painting, a jumpy inflatable, trick-or-treat booths and a raffle with prizes. Food was also provided. The event was a lot of fun and organizers received rave reviews from participants.

This year’s organizers of the PSAR Zombie 5k were Robert Cromer, Laurie McDowell, Rhonda Beathard and Juliet Montoya. The 2019 Zombie 5K was held in partnership with John and Susan Carroll as a fundraiser to benefit cancer screenings at the San Ysidro Health Center.

The PSAR Charity Committee is a wonderful group of caring PSAR members who are willing to share PSAR resources and talent with the community through outreach and service. The committee goal is to provide the support necessary to make a positive charitable impact in the communities served by PSAR members. The volunteers serving on the PSAR Charity Committee evaluate and review requests from nonprofits in the communities and they select charitable causes that will benefit from committee support.

 

Topics: Marketing, Industry

GET READY FOR 2020 WITH THE HOUSING MARKET FORECAST, DEC. 3rd

Posted by Rick Griffin on Nov 29, 2019 3:30:00 PM

2020 Housing Market Forecast

Steven Thomas, publisher of “Reports on Housing,” a real estate industry trends publication, will present a 2020 Housing Market Forecast from 10 a.m. to noon, Tuesday, Dec. 3, at the PSAR East County Service Center, located at 1150 Broadway, El Cajon.  PSAR members and real estate professionals from all other associations in San Diego County are invited to attend. Admission is a $5 donation to the California Association of Realtors’ Housing Affordability Fund.

     Register     

Since 2004, Thomas has been publishing “Reports on Housing,” a monthly report for real estate professionals. The report tracks regional demand, inventory, distressed homes and market data. It also shares what buyers, sellers and real estate professionals are experiencing in the trenches.

Thomas is a California real estate broker with decades of experience. He has a degree in Quantitative Economics and Decision Sciences from the University of California San Diego. He has been quoted in news stories published by the Orange County Register, Los Angeles Times, San Diego Union-Tribune, The Wall Street Journal, Fortune, USA Today, Bloomberg, ABC, CBS and NBC television, Cox Cable Television, KNX 1070,-AM News Radio, KFI AM-640 Radio, blogs and Internet news sites. 

On Dec. 3 in El Cajon, Thomas will discuss values, interest rates and answer questions such as, "Have values peaked?", "Why does the market feel so different?", "Is housing a bubble about to pop?" and "When will buyers have the upper hand again?"

Among his concerns about 2020 are, the U.S. trade war escalation with China and other countries, the international economic slowdown contributed by monetary policies, Brexit, unrealistic sellers, uncertainty over the economy and interest rates, D.C. politics and the 2020 elections.

Thomas explained that if the U.K. is no longer a member of the EU, implications could include an elimination of Britain’s tariff-free trade status with the other EU members.  That means tariffs would probably raise the cost of exports. However, some of that pain would be offset by a weaker pound. Higher tariffs might also increase prices of imports by the U.K.

Also, Thomas said that an escalated trade war between the U.S. and China could hurt both countries. The most important aspect of the long-term economic competition with China isn’t soybeans or natural gas, rather it’s technology. For decades, China has been engaged in a systematic, state-sponsored effort to steal U.S. technology. Beijing has relied heavily on stolen trade secrets and intellectual property to build its own manufacturing and technology base.

The U.S. began slapping tariffs on imports of Chinese goods a year ago, accusing Beijing of using predatory means to give Chinese companies an edge in advanced technologies such as artificial intelligence, robotics and electric vehicles. Those tactics include hacking into U.S. companies’ computers to steal trade secrets, forcing foreign companies to hand over sensitive technology in exchange for access to the Chinese market and unfairly subsidizing Chinese tech firms.

Meanwhile, closer to home, Thomas is predicting an increase in the number of unrealistic, overpriced homes for sale in 2020. “If an area is currently experiencing a strong seller’s market and listings are not selling, then it could mean that agents allowed the sellers to overprice their property without scheduling regular price reductions,” he said. “On the other hand, the good news about an appreciating market is that if you wait long enough, the prices may eventually catch up with the listing.”

Thomas is expecting sales of distressed properties to remain flat next year. “It’s not easy to price property in a declining market,” he said. “Sometimes, comparable sales data is not entirely reliable because, by the time the property is appraised, prices may have declined even further.”

Throughout Southern California, Thomas said that about a quarter of all listings expired in the first nine months of 2019, compared to about 19 percent in 2018 and 18 percent in 2017.

Thomas said he is expecting a slight rise in inventory and sales prices to appreciate between 2 and 5 percent in 2020, with most of the increases realized during the first half of the year.

Steven Thomas

He said available inventory of higher-priced, move-up homes will improve slightly, aided by a growing number of move-up sellers. Sales of higher-priced luxury homes will remain muted in 2020, with a slight thaw expected in the spring followed by sluggish activity beginning mid-summer and extending through the end of the year.

Thomas’ other predictions for the 2020 housing marketinclude:
-- Many buyers will continue to be cautious fence-sitters.
-- Monthly interest rates on typical 30-year loans will average 3.75 percent (Thomas said a low mortgage rate environment is a gift to the real estate industry).

Thomas sells a “Reports on Housing” monthly subscription for $15 per month or $150 per year. The regional reports feature a local real estate snapshot. One month free is available upon sign-up. Thomas can be followed on YouTube at www.Youtube.com/ReportsOnHousing, and Facebook at @reportsOnHousing. For more information, visit www.reportsonhousing.com.

2020 Market ForECast

     Register     

Tuesday | December 3rd, 2019
10:00 AM - 12:00 PM

PSAR | EAST COUNT
1150 Broadway, El Cajon, CA 92021

2020 Marketing Forecast Flyer

 

Topics: Marketing, Industry

PSAR BI-NATIONAL EFFORTS INCLUDE TRADE MISSION TO MEXICO

Posted by Rick Griffin on Nov 23, 2019 5:00:00 AM

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All PSAR members can be proud in knowing that PSAR is providing important leadership in its efforts to build friendships, education, professionalism, networking and mutual business cooperation between real estate professionals internationally, in Mexico and the United States. The members of PSAR’s Global Real Estate Council (GREC) have been very supportive in the building of cross-border alliances.

So, it is with great honor to inform you that PSAR was recently invited to attend and speak at the national conference presented by AMPI (Asociacion Mexicana de Profesionales Inmobiliarios). AMPI, the Association of Mexican Real Estate Professionals, is Mexico’s counterpart to the National Association of REALTORS® (NAR).

AMPI was formed in 1956 to establish laws and codes of ethics and conduct in order  to create a reliable, trustworthy and efficient real estate environment in Mexico.  Mexico’s largest real estate association, AMPI has bi-national agreements of cooperation with NAR and the California Association of REALTORS®, as well as with PSAR.

To be invited to be a presenter at the AMPI national conference in October was a real honor. With over 1,200 associations in NAR, PSAR received the honor to join representatives from other international associations from such countries as El Salvador, Brazil, Canada, Panama and many others. The AMPI conference was held in San Luis Potosi, south of Mexico City.

Also attending the AMPI conference were representatives from Consejo Estatal de Profesionales Inmobiliarios de Baja California, (CEPIBC), a statewide real estate trade group located in the Mexican state of Baja California.

(You may recall that in 2018, PSAR signed a Bi-Regional Cooperation Agreement with CEPIBC. The agreement was signed by Jan Farley, PSAR president, and Gustavo Chacon Aubanel, Presidente de Consejo Estatal de Profesionales Inmobiliarios de Baja California. The agreement called for the scheduling of classes covering the financial, legal and cultural differences in real estate transactions between Mexico and the United States.  It also fostered, respect and adherence to each association’s Code of Ethics for business interaction. Founded in 1984, CEPIBC comprises the 10 local real estate trade associations that operate in five Baja California cities, including Tijuana, Ensenada, Rosarito, Tecate and Mexicali. CEPIBC promotes standards of professionalism, licensing and increased business relationships with U.S. real estate professionals, primarily in California and Arizona.)

The PSAR delegation attending the AMPI conference was included Hector Zamaro, PSAR GREC chair, Nick Iniguez, GREC member and Catalina Spuehler, GREC member.AMPI Convention

At the AMPI conference, Gabriela Isabel Cerezo Morales, CEPIBC 2019 President and AMPI National Treasurer, introduced us to Pablo Vasquez, AMPI 2019 National President, and Roberto Barrios, AMPI 2020 National President-Elect, as well as other dignitaries and international speakers. Both Gabriela Cerezo Morales and Miguel Urriza from CEPIBC attended the recent PSAR Installation Dinner held at Viejas Casino & Resort.

Our presentations at the AMPI conference were titled: “Forming International Alliances,” with Hector Zamaro as speaker and “New MLS in Mexico,” with Nick Iniguez as speaker.

Also at the AMPI conference, there was an historic announcement introducing the first formal MLS System operating in Mexico. Now, properties can be listed in Mexico and viewed internationally. Thanks to Art Carter, CEO CRMLS, and Ross E. Buck, President of Terminus MLS (Mexico’s MLS). Terminus recently signed their first contract with the Baja California CEPIBC state chapter.

PSAR’s trade mission to the AMPI conference concluded with excellent coverage and networking with bilateral partners and inviting them to participate in a mutual referral business with our PSAR membership. We anticipate further growth and participation with our colleagues in Mexico and other countries.

An invitation has been extended to all our membership and leadership to attend the “AMPI International Summit 2020” in March 2020. It will be an excellent gesture of cooperation, as wll as a potentially profitable one, to send a delegation of PSAR representatives to participate in this Summit.  Many countries will  have representatives attending, with whom alliances could be formed.

We appreciate all the hard work by Gabriela Isabel Cerezo Morales and her CEPIBC Board for all their support during 2019. They have been instrumental in furthering bilateral relationships to the benefit of PSAR members.

I want to encourage any PSAR member who may be interested in cross-border opportunities and who wants to network with other international real estate practitioners to get involved with GREC. PSAR’s GREC is dedicated to assist the needs of PSAR members who desire to expand their international outreach. GREC will help you find mentors who can facilitate  connections with individuals internationally. GREC offers PSAR members the opportunity to learn and expand their real estate market opportunities internationally. The vision of the Council is to provide and facilitate educational avenues that enable PSAR members to expand their practice and organize global-themed events.

Formed in 2013, PSAR’s GREC has hosted several educational events in recent years focused on helping PSAR international capital investment clients make informed transaction decisions with effective counsel across multiple jurisdictions. The training sessions have focused on cultural customs and diversity, as well as panel discussions and forums with international partners.

The Council also encourages PSAR members to earn the Certified International Property Specialist (CIPS) certification, a professional designation offered by the National Association of REALTORS® which results in expanded knowledge, a worldwide network and tools helpful in serving international clients.

Topics: Marketing, Industry

At the 2020 Installation Dinner awards were given, and pictures were taken

Posted by Rick Griffin on Nov 9, 2019 5:00:00 AM

PSAR 2020 Directors

More than 400 PSAR REALTORS®, affiliates, friends and family members converged on the Viejas Casino & Resort in Alpine to enjoy a memorable PSAR Officers Installation Dinner on Nov. 2.

The Installation event celebrated the success of the REALTOR® community with leaders who are committed to serving the industry. The program featured the swearing in of the 2020 PSAR Board of Directors and Robert Cromer as 2020 PSAR President by U.S. Representative Juan Vargas.

Also recognized at the installation were recipients of special awards. These awards targeted three geographical areas in San Diego PSAR, including South, East and Central San Diego County. Recipients included:

-- Merrie Espina, Realtor of the Year, South
-- Julie Lupo, Realtor of the Year, East

-- Shonee Henry, Realtor of the Year, Central

-- Hector Zamaro, Broker of the Year, South
-- Jan Farley, Broker of the Year, East
-- Jason Lopez, Broker of the Year, Central

-- Rhonda Beathard, Affiliate of the Year, South
-- Raymundo Gill, Affiliate of the Year, East
-- Megan Oliva, Affiliate of the Year, Central

             ~ Downloadable Pictures  ~                      

In his message to the members, Cromer stated, “I am really excited about the upcoming year and having the opportunity to build on the success of our Board of Directors, the committees, the staff, and our current and past presidents. This truly could be a break-out year for PSAR. Although we have had almost double-digit growth in membership each of the last two years, there are going to be a lot of changes in the marketplace. We hope San Diego County REALTORS® will find comfort in our culture, our education and our support for REALTORS® and homeownership. We empower REALTORS® to be the best they can be!”

Joining Robert on the PSAR board of directors for the 2020 calendar year beginning Jan. 1, 2020, will be Ditas Yamane as president-elect, Sam Calvano as secretary-treasurer and Robert Calloway as immediate past president. Other REALTOR® members also serving on the 2020 board will include: Mike Anderson, Yvonne Cromer, Carey Guthrie, Sean Hillier, Robert Kilbourne, Jason Lopez, Laurie MacDonald, Peter Mendiola, Norma Scantlin and Mike White. Also serving on the board will be Tony Santiago as an affiliate director.

PSAR is grateful to Shonee Henry, Dennis Ryan and Jan Farley, three PSAR board members whose terms will end December 31, 2019. Farley served as 2018 PSAR President.

In his farewell comments, Robert Calloway said, “Thank you for a wonderful year as PSAR’s 2019 President. PSAR was able to accomplish so many things this year. This was the year of service and our members definitely stepped up and served our Association by committing themselves to our mission of empowering our members. I encourage those members who are not serving on a committee to please take some time and visit a committee where you fit. Finally, I would like to thank the 2019 Officers and Directors for your selfless dedication and service to our Association, and a special thanks to the committee chairs for leading your committees and assisting with following the Association’s strategic plan. I want to welcome the 2020 Leadership Team and Directors and wish you well on your journey. Fair Winds and Following Seas!”

In his message to the members, PSAR CEO Richard D’Ascoli stated: “Even as these critics question the viability of REALTORS® and their associations, PSAR continues to flex its muscles and grow even stronger. We are committed to helping REALTORS® succeed. REALTORS® are thriving because our association is the glue that holds the industry together. Together, with our MLS and our State and National Associations, we provide a platform to support our members’ efforts to build homeownership opportunities.”

PSAR 2020 President Robert Cromer and Famil

Special speakers at the Installation Dinner included Robert and Yvonne Cromer’s two daughters, Hannah and Haley, who spoke to the audience in Spanish. Haley graduated from the University of California Davis with a degree in Spanish. She is now working on her Masters at Grand Canyon University. Hannah is a freshman at Creighton University. Both are bilingual.

Also speaking was Jeny Parra, a Cromer family friend. Jeny’s parents and Yvonne’s parents were friends back before both girls were born. Jeny’s late husband Victor was a close friend of Robert. In 2018, Victor passed away from heat stroke during a hike in the Blue Sky Ranch area of Lakeside. He was 47. Victor worked for the San Diego Unified School District as a facilities and equipment supervisor. He was also the Grand Knight of the Knights of Columbus fraternal council at Chula Vista’s St. Rose of Lima Catholic Church. A $1,000 scholarship in Victor’s name was announced at the Installation Dinner.



Topics: Announcements, Events, Industry

Home Buyers and Sellers: WHY PICK A REALTOR?

Posted by Rick Griffin on Nov 7, 2019 2:23:08 PM


PSAR is proud to announce the availability of a new video that is part of the #OurRealtor campaign. REALTORS® and associations are encouraged to share the 2:26 video with clients and post the video on their social media and websites. The video has not been branded.

PSARDinner_Video

Viewers can also watch the video here on YouTube, , and also on Facebook.  Anyone is also free to download a copy and share it so consumers can hear from others who have had great experiences working with their REALTOR®. PSAR will be releasing a new video each month to share. The videos will each be a testimonial from a client who understood the value of their REALTOR®.

Download an MP4 of the Video Here

At the recent PSAR Installation Dinner, PSAR 2020 President Robert Cromer stated that one of his goals for next year is to encourage more REALTORS® to highlight their experience, expertise and resources. “We need to make sure the general public understands what we bring to the table during one of the largest financial decisions of their life,” Cromer said.

“No one can replace the knowledge, skill set, local marketing, price familiarity, negotiating skill and relationship building of a local REALTOR®. We want everyone to share the #OurRealtor campaign and the new video. With PSAR you have a bright future and a place for belonging. We are stronger together!”
The video has been posted on the PSAR Facebook page. The Facebook posting includes these words: “An algorithm or computer system can’t replace the knowledge, marketing ability, price familiarity, negotiating skill and counsel of a local REALTOR®. It’s not about how much you might save, it is about what you will NET, and the security and knowledge REALTORS® bring to the transaction. #OurRealtor. #WeArePSAR.”

The video opens with a question “Can you trust an agent you’ve never met,” and ends with a door-knocking sound and the words “That’s Who We R.” The “That’s Who We R” initiative, launched earlier this year by the National Association of REALTORS® (NAR), turns into the classic “R” logo to help the public further distinguish its member REALTORS® from generic real estate agents.
The video from NAR features testimonials from real satisfied clients who received outstanding service from their REALTOR®.

The people in the video tell their story about the passion and dedication of their REALTOR®, plus they express their distrust over iBuying, a phenomenon referring to the buying and selling of real estate online without the assistance of an experienced REALTOR®. The video is a terrific tool for all REALTORS® and associations to use in demonstrating the benefits and value of using a REALTOR®.

The statements in the video include:

  • “I think if I used a service like that, I would get a lot of emails, I would get a lot of requests for data. I would be asked to review a lot of things that I don’t have a lot of knowledge about. I look for professionals in the field who are experts, and we found it.”
  • “Some of them may charge me less, but I don’t know how honest they are. I will just stick with my realtor. He’s honest. I believe in him.”
  • “He really cared about us having a good experience. We valued his time and his expertise. But I could tell that he really valued our time as well.
  • “He was a source of information.”
  • “It’s not easy to go online and just look for someone who you just might be emailing or texting or just calling on the phone. It always very important to have someone that you can meet with, that you can talk to.
  • “I believe that the real value that my realtor has is that she is looking out for me. She’s representing me. If I went on my own, I wouldn’t know what to do. I might sign something that I didn’t look at the fine print. So, she does that for me.
  • “Our realtor bent over backwards, went above and gave us options. Where else would you get that?”
  • “It’s well worth whatever money you’re paying to them because after explaining what we wanted and what our needs were, we weren’t taken to places that they wanted to sell. We were taken to places that we wanted to see. I think that’s really important. You can get that only with someone who knows you and takes the time to get to know you.

According to NAR, “That’s Who We R” reinforces the concept that partnering with a REALTOR® delivers the peace of mind that can only come from working with a real person who is committed to his or her clients’ futures and neighborhoods. It clearly seeks to highlight the value of REALTORS® in an age of technological disruption and companies that employ mobile applications, programs and teams of human experts to accomplish some of the traditional agent tasks.

NAR also said that the “That’s Who We R” campaign was designed not only to educate consumers about the benefits of working with a member of NAR but also to highlight all the ways REALTORS® go above and beyond to help and improve the lives of their clients, neighbors and communities. The campaign is designed to serve as a rallying cry for REALTORS® and inspire pride in the work they do every day to benefit their clients.


 

Topics: Announcements, Leadership, Industry

HIGHER HOME SALES IN SEPTEMBER FROM YEAR AGO | 411

Posted by Rick Griffin on Nov 1, 2019 5:00:00 PM

Voice of Real Estate.

San Diego County’s housing market saw lower home sales prices and fewer sales in September, 2019, according to a recent report from California Association of REALTORS® (C.A.R.).

The median sales price of an existing single-family home in San Diego County in September, 2019 was $636,750, making it a month-over-month drop of 2 percent from the $650,000 figure in August, 2019, and a minor slide of 0.5 percent in a year-over-year comparison to $640,000 posted in September, 2018.

Meanwhile, home sales in San Diego decreased 10.8 percent in September, 2019, compared to August, 2019, but rose 16.3 percent in a year-over-year comparison to September, 2018.

On a statewide basis in September, amid the most favorable mortgage rates in nearly three years, California’s housing market recorded a third consecutive year-over-year sales increase as month-over-month sales remained essentially flat.

September’s statewide sales total of 404,030 was down 0.5 percent from the 406,100 level in August and up 5.8 percent from home sales in September, 2018 from a revised 382,040. The year-over-year sales increase was the largest in two-and-a-half years. Year-to-date statewide home sales were down 3.1 percent in September.

September’s statewide median home price was $605,680, down 1.9 percent from the August figure of $617,410 and up 4.7 percent from September, 2018’s figure of $578,420. It marked the sixth straight month the median price remained above $600,000. The annual price gain was the largest in nearly a year.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 404,030 units in September, 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 September pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

“The housing market has been performing better so far in the second half of 2019, with both sales and prices up as mortgage rates remain near their three-year lows,” said C.A.R. President Jared Martin. â€śAdditionally, pending sales have been on an upward trend with a near-10 percent increase over a year ago, making it the largest gain in three years. The solid improvement in pending sales suggests that the market may see more sales gains in the coming months.”County Sales and Price Activity“Despite having the largest annual gain in the last 30 months, sales remained just slightly above the 400,000 benchmark and have not shown meaningful growth in the last few years,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. â€śAs such, while low mortgage rates have motivated buyers to enter the market in the short term, we should be mindful that economic uncertainties, supply constraints and low housing affordability could continue to hold demand back in the long run.” 

Even with near record low mortgage rates, consumers still see challenges in the current housing market conditions. According to a monthly Google poll conducted by C.A.R. in October, 22 percent of respondents believe that it is a good time to buy now, slightly better than last year (21 percent), when interest rates were 100 basis points higher. More than half (52 percent) believe it is a good time to sell, an improvement from the prior month (46 percent) but below last year's 56 percent.

Other key points from the September, 2019 resale housing report included:

-- At the regional level, non-seasonally adjusted sales rose on an annual basis in all major regions, with Los Angeles County recording the largest yearly gain at 9.2 percent.

-- In the Southern California region, median home prices grew in every county except San Diego and Ventura. Riverside had the largest annual price gain of 5.8 percent in the region, followed by San Bernardino (5.0 percent), Los Angeles (4.5 percent), and Orange (0.6 percent). 

-- After 15 straight months of year-over-year increases, the number of active listings fell for the third straight month, dropping 11.8 percent from year ago. The decline was the largest since December, 2017.

-- The Unsold Inventory Index (UII), which is a ratio of inventory over sales, was 3.5 months in September, up from 3.2 in August and down from 4.2 months in September 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. September Unsold Inventory-- Statewide, the median number of days it took to sell a California single-family home edged up to 24 days in September, 2019, compared with 23 days in August, 2019, 21 days in July, 2019 and 23 days in September, 2018.

-- In San Diego County, the median number of days a home remained unsold on the market stood at 18 days in September, 2019, compared with 17 days in August, 2019, 15 days in July, 2019, 13 days in June, 2019, 14 days in May, 2019, 17 days in April, 2019, 19 days in March 2019, 22 days in February, 2019 and 19 days in September, 2018.

-- The statewide sales-price-to-list-price ratio was 98.5 percent in September, 2019, unchanged from September, 2018. It was 98.7 percent in August, 2019 and 99.0 percent in July, 2019. 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 price sold below the asking price.

The 30-year, fixed-mortgage interest rate averaged 3.61 percent in September, down from 4.63 percent in September, 2018, according to Freddie Mac. The five-year, adjustable mortgage interest rate was an average of 3.38 percent, compared to 3.94 percent in September, 2018.

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

-- According to real estate tracker Core Logic, San Diego County home sales jumped 14.7 percent in September from the same time last year, which analysts largely attribute to a drop in mortgage rates. In the same month, home prices dipped slightly, said Core Logic. The median home price was $570,000 in September, down from $575,000 at the same time last year. It marks the second consecutive month of declining prices.

-- The latest S&P Case-Shiller report shows home prices were up 2.3 percent annually in the San Diego metropolitan area as of August. The gain was part of a continued reversal of fortunes for San Diego since mortgage interest rates started to drop. For months, the metro area was at the bottom of the 20-city index.

-- According to Redfin, 23.2 percent of San Diego property searches in the third quarter were by residents who live outside the area. It is a slightly smaller percentage than the 24.7 percent figure recorded in the third quarter of last year. San Diego was ranked as the ninth strongest inflow market overall. People from Los Angeles were most interested in relocating to San Diego. The top out of state origin for San Diego zip code searches came from Seattle.

-- Also according to Redfin, home bidding wars have fallen off a cliff from a year ago, both in San Diego County and the nation as a whole. In San Diego, just 16 percent of homebuying transactions faced competition in September, a drop of more than 24 percent from September, 2018. The rate experienced a 3.7 percent month-over-month drop. Nationally, just 11 percent of offers written faced a bidding war in September, down from 41 percent a year earlier.

-- San Diego homeowners are the second-most leveraged in the nation, trailing only Los Angeles, according to a new LendingTree report. San Diego has a leverage ratio of 3.64, a median mortgage amount of $455,000, and a median borrower income of $125,000. L.A. homeowners were the only ones more leveraged with a leverage ratio of 3.91, a median mortgage amount of $485,000, and a median borrower income of $124,000.

-- With increasing national defense spending and a growing number of homeported warships, the military now accounts for a full one-fifth of San Diego’s economy and its impact is growing.

That was the conclusion of a recent economic report from the San Diego Military Advisory Council, which has tracked the military’s impact on the community since 2008. The report identified $28.1 billion in direct spending that supports 109,000 active duty personnel, 26,000 civilians and 7,000 reserves. The ripple effect on the local economy creates over 210,000 more jobs and a total impact of $51 billion.

-- A new report from CBRE Group ranks San Diego among the top 10 fastest-growing high-tech job markets in the U.S. The commercial real estate services firm’s annual Tech-30 report, which measures the industry's impact on office rents in the 30 leading technology markets in the U.S. and Canada, found that the local tech-job market has experienced a 19.7 percent growth rate in the last two years. The region also saw nearly 6,000 new high-tech jobs in 2017 and 2018, which accounted for more than three-quarters of all new office jobs. According to the report, San Diego now has more than 35,000 high-tech software and services jobs.

-- San Diego County’s jobless rate in September reached one of its lowest points in 20 years. San Diego County’s unemployment rate for September was 2.7 percent, down from 3.4 percent in August and below the 3.1 percent jobless figure from a year ago, according to the state Employment Development Dept. San Diego County added 30,600 jobs in a year, up from the 27,000 at the same time last year. The jobless rate for September was 3.5 percent for California and 3.3 percent for the nation.

-- The U.S. added more jobs than expected in October despite a 40-day General Motors strike and trade-war tensions. A stronger-than-expected jobs report for October pushed stocks higher this past Friday. The Bureau of Labor Statistics said the U.S. economy added 128,000 nonfarm payrolls last month, compared to estimates of 85,000. The healthy employment gains reassured investors amid uncertainty around the trade war between the US and China and talk of a looming economic slowdown. 

 

Topics: Marketing, Industry

Fabulous Gathering Awaits PSAR Members at 2020 Installation Dinner, Nov. 2nd at Viejas

Posted by Rick Griffin on Oct 25, 2019 4:55:40 PM

PSAR Insallation Dinner and Awards

It will be an unforgettable experience that you don’t want to miss. PSAR will present its 2020 Officers and Directors Installation Dinner and Awards on Saturday, Nov. 2, at the classy and luxurious Viejas Resort & Casino, 500 Willows Road, Alpine.

Bigger and better than ever, this year’s Installation event is destined to be the biggest real estate event of the year, as we welcome the 2020 board of directors in this exclusive venue and celebrate success in the REALTOR® community with the top producers in the industry.

Don’t be late. Upon arrival, ask for directions to the Viejas Event Center, Oak Ballroom. With an adjoining outdoor terrace, the Oak Ballroom is the Grande Dame of the Viejas Event Center. It’s the ideal setting for large-scale special events.

Hors d’oeuvres service begins at 5:30 p.m. with beef skewers, crab cakes and coconut shrimp. In addition, appetizer stations include assorted veggie platters, cheese boards and charcuterie (an assortment of meats that are paired with different accompaniments, such as toast, fruit, cheese, and sauces).

Dinner service begins at 7 p.m. The menu is fabulous. Entree choices for the three-course meal include: Stuffed Chicken with spinach, fontina and pesto; Chianti Braised Short Ribs with shiitake red wine jus; Beef Wellington with roasted seasonable vegetables, spinach pesto.

This year’s Installation event will feature the swearing in of board members, including Robert Cromer as 2020 PSAR president. “I am really excited about the upcoming year, having the opportunity to build on the success of our PSAR staff, the Board of Directors, the committees and our current and past presidents,” said Cromer. “This truly could be a break-out year for PSAR. Although we have had almost double-digit growth in membership each of the last two years, there are going to be a lot of changes in the marketplace. We hope San Diego County REALTORS® will find comfort in our culture, our education and our support for REALTORS® and home ownership. We empower REALTORS® to be the best they can be!”PSAR Installation Dinner and Awards

Additional highlights at the Installation will include the presentation of special awards, including Realtor of the Year, Affiliate of the Year and Broker of the Year. Three special awards will be presented according to geographical areas, including South, East and Central.

The Installation event also will include a photo booth, raffle prizes (a 60-inch Smart TV is one of the prizes), dancing, happy-hour drinks and $500 in “play” money, as well as plenty of networking with colleagues and industry peers. This will be your opportunity to reconnect with old friends and engage with new friends while raising your profile, expanding your influence, telling your story and generating referrals and more business.

Take note that your skill with the “play” money will mean more chances to win a raffle prize. Here’s the deal: After enjoying the blackjack, craps and roulette games with the “play” money, you can turn in every $100 in chips for an additional raffle ticket at the end of the night. Plus, attendees can purchase more “play” money that will benefit local community nonprofits. Every $20 donation will get you another $500 in “play” money. All money raised from the purchase of “play” money will be donated to the PSAR Charity Committee.

Individual tickets to the PSAR 2020 Officers and Directors Installation Dinner and Awards start at $80 per person, or $300 for a group of four, which is a tremendous bargain. RSVPs can be made at https://dinner2020.eventbrite.com. If you would like to purchase tickets without the Eventbrite transaction fee, please feel free to call PSAR at 619-421-7811 and our friendly staff will be happy to take your payment over the phone.

Topics: Marketing, Industry

AFFORDABILITY TO AFFECT 2020 HOUSING MARKET

Posted by Rick Griffin on Oct 11, 2019 4:45:10 PM

2020 HOUSING MARKETLow mortgage interest rates will support California’s housing market next year but economic uncertainty and affordability issues will mute sales growth, according to a recently released 2020 housing market forecast from the California Association of REALTORS® (C.A.R.).

In 2020, the state’s housing market will see a small uptick in existing single-family home sales of 0.8 percent next year to reach 393,500 units, up from the projected 2019 sales figure of 390,200. The 2019 figure is 3.1 percent lower compared to the pace of 402,800 homes sold in 2018.

In addition, the statewide median home price is forecast to increase 2.5 percent to $607,900 in 2020, following a projected 4.1 percent increase from last year to $593,200 in 2019.

“With interest rates expected to remain near three-year lows, buyers will have more purchasing power than in years past, but they may be reluctant to get off the sidelines because of economic and market uncertainties,” said C.A.R. President Jared Martin. “Additionally, an affordability crunch will cut into demand in some regions. These factors together will subdue sales growth next year.”

“California’s housing market will be challenged by changing migration patterns as buyers search for more affordable housing markets, particularly first-time buyers, who are the hardest hit, moving out of state,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. “With California’s job and population growth rates tapering, the state’s affordability crisis is having a negative impact on the state economically as we lose the workers we need most such as service, construction workers, and teachers.”

A 2019 C.A.R. study revealed that 30 percent of sellers who planned on repurchasing said that they will buy their next home a state other than California, which is the highest percentage level since 2005. Older generations were more likely to buy outside of California as well as 37 percent of baby boomers and silent generation.  But only 30 percent of millennial sellers planned to do the same. 

Additional recent 2020 housing market forecasts, according to news reports, include the following:

-- Home prices in San Diego will continue to rise in most neighborhoods but at a far slower rate than previously years, according to John Burns Real Estate Consulting in La Jolla. By year’s end, housing price will have dropped by 1 percent countywide, the firm said.

-- Redfin said the next recession, whenever it happens, is unlikely to have a large negative impact on the real estate market. However, Redfin said San Diego County has the fourth highest risk in the nation for a residential downturn in the event of a recession. San Diego has a 68.2 percent risk of a housing downturn if, or when, a recession happens. The three other metropolitan areas with higher risks include Riverside (72.8 percent probability of a housing downturn), followed by Phoenix (69.8 percent) and Miami (69.5 percent). Rochester, N.Y., Buffalo, NY, and Hartford, Conn. have the lowest risk of a housing downturn. Redfin measured a wide range of factors, including average home loan-to-value ratios, home price volatility, home price-to-income ratio, and the share of homeowners older than 65.

-- Economic expansion, already the longest on record, is expected to continue in 2020. The U.S. gross domestic product will grow by 1.6 percent in 2020, after a projected gain of 2.2 percent in 2019, according to C.A.R.

-- The state’s unemployment rate will tick up to 4.5 percent in 2020 from 2019’s 4.3 percent projected figure. A tight labor market will continue to make it hard to find skilled workers.

-- The average for 30-year, fixed mortgage interest rates will dip to 3.7 percent in 2020, down from 3.9 percent in 2019 and 4.5 percent in 2018 and will remain low by historical standards, said C.A.R.

-- The UCLA Anderson Forecast is predicting an economic slowdown nationwide in the second half of 2020, though not to recession levels. The report said the national economy will slow to 0.4 percent growth in the second half of 2020 due to trade tensions lowering corporate investments, but it should rebound to about 2.1 percent growth in 2021. San Diego and California will fare better than the rest of the nation because of job creation and diversity in the local economy.

-- CalMatters, a nonprofit, nonpartisan media venture, recently reported that California is home to roughly a quarter of the nation’s immigrants, 11 million, which is more than the entire population of Georgia. Half of the state’s immigrants were born in Latin America and four out of 10 are from Asia. The leading countries of origin: Mexico (4.1 million), China (969,000), the Philippines (857,000), Vietnam (524,000) and India (507,000). Among recent immigrants, Asia has surpassed Latin America. The future California will be a minority-majority state with a rising population of multi-racial people who are two races or more.

Topics: Marketing, Industry

Voice of Real Estate ~ MEDIAN HOME PRICE SETS ANOTHER RECORD IN AUGUST

Posted by Rick Griffin on Oct 4, 2019 6:00:00 PM

August home sales and price report from C.A.R.

San Diego County’s housing market in August 2019 saw a 2.2 percent decrease in sales in a month-to-month comparison with July 2019, but a 2.3 percent increase in sales in a year-over-year comparison with August 2018, according to a recent report from California Association of REALTORS® (C.A.R.).

Meanwhile, the median price of $650,000 for an existing, single-family home in San Diego County in August 2019 was the same amount for both July 2019 and July 2018. The median price a year ago in August 2018 was slightly higher at $660,000.

On a statewide basis in August mortgage interest rates at near-three-year lows contributed to a small year-over-year sales increase while the median home price reached a new high.August 2019 County Sales and Price Activity

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 406,100 units in August, 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 August pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

Statewide home sales in August of 406,100 were down 1.3 percent from the 411,630 level in July 2019 and up 1.6 percent from the 399,600 home sales in August 2018. While cumulative sales through the first eight months of the year were down from last year, the pace of decline has improved significantly at -4.1 percent since the -12.5 percent recorded in January.

After a pullback in July, the statewide median price rose in August compared to the previous month and year. The median price in August was $617,410, up 1.5 percent from July and up 3.6 percent from $595,920 in August 2018, marking the fifth straight month that the median price remained above $600,000. The annual sales gain was the highest in the last 10 months.August 2019 County Unsold Inventory“Housing demand has exhibited signs of improvement in recent months as lower rates continued to reduce the cost of borrowing for home buyers,” said C.A.R. President Jared Martin. â€śHowever, buyers remain cautious, and many are reluctant to jump in because of the economic and market uncertainty that continue to linger, and that is keeping growth subdued despite significantly lower rates.” 

 â€śLow interest rates, which helped to reduce monthly mortgage payments, have provided much-needed support to improve housing affordability and elevate home sales over the past few months,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. â€śWhile lower rates have no doubt boosted buyers’ purchasing power, they have also been a contributing factor to higher home prices this year.”

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

-- At the regional level, non-seasonally adjusted sales fell on both a monthly and an annual basis from a year ago in all major regions.

-- At the regional level, median home prices in Southern California, the Central Valley and Central Coast regions continued to inch up, while prices in the Bay Area declined slightly from a year ago. In Southern California, median home prices grew in every county except Orange County and San Diego, while six of nine Bay Area counties experienced year-over-year price growth.

-- After 15 straight months of year-over-year increases, active listing fell 8.9 percent from year ago, marking the first back-to-back decline since March 2018 and the largest since December 2017.

-- The Unsold Inventory Index (UII), which is a ratio of inventory over sales, was 3.2 months in August, unchanged from July and down from 3.3 months in August 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. 

-- Statewide, the median number of days it took to sell a California single-family home increased to 23 days in August 2019, compared with 21 days in July 2019 and August 2018 and 18 days in July 2018.

-- In San Diego County, it took over two weeks to sell an existing single-family home in August 2019. The median number of days a home remained unsold on the market stood at 17 days in August 2019, compared with 15 days in July 2019, 13 days in June 2019, 14 days in May 2019, 17 days in April 2019, 19 days in March 2019, 22 days in February 2019 and 18 days in August 2018.

-- The statewide sales-price-to-list-price ratio was 98.7 percent in August 2019, compared to 99.0 percent in August 2018. It was 99.0 percent in July 2019 and 99.6 percent in July 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 price sold below the asking price.

-- The 30-year, fixed-mortgage interest rate averaged 3.62 percent in August, down from 4.55 percent in August 2018, according to Freddie Mac. The five-year, adjustable mortgage interest rate was an average of 3.36 percent, compared to 3.47 percent in August 2018.

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

-- According to real estate tracker Core Logic, San Diego County’s median home price in August was down annually for the first time in seven years, albeit a small reduction. The median price of $584,000 was down 0.1 percent from the same time last year at $584,500. The last time prices were down year-over-year was March 2012.

-- The latest S&P Case-Shiller report shows home price increases continued to slow across much of the nation. The price index reported a 3.2 percent annual gain in July, but the index remained the same from June. The index's 20-city composite posted a 2.0 percent year-over-year gain, which matched San Diego's level.

The 10-city composite's annual increase came in at 1.6 percent in July, down from 1.9 percent the previous month.

-- According to Redfin, people who purchased homes in 2012 have earned a total of $203 billion in home equity nationally. San Diego, despite being outpaced by numerous metros, has seen an exponential growth in home value and equity, as well. San Diego County has experienced a total of $6.14 billion in home equity value since 2012, said Redfin. The median home equity growth here amounted to a 277 percent increase, or $283,000, during the seven-year period. The median home value percent growth since 2012 was 60 percent, and the actual median home value dollar growth in San Diego during the period was $232,000.

-- In rental housing news, San Diego's apartment rents, which had been on an upward trajectory for many years, actually dipped somewhat in September, according to a report from Zumper. The rent for a one-bedroom unit in San Diego experienced a 2.2 percent year-over-year decline in September to about $1,800 a month. The region's rent for a two-bedroom unit declined about 4 percent year-over-year to $2,400 a month in September. Zumper said San Diego is the 9th most expensive city in the U.S. for apartment rentals. Meanwhile, CoStar reports the monthly average rent in the third quarter was $1,860 countywide, and rents are rising most rapidly in the East County.

-- According to the Bloomberg Economic Index, U.S. economic data is beating economists’ expectations, offering a rebuttal to recession fears fueled by the trade war and a manufacturing slump. Bloomberg’s index recently reached an 11-month high based on several indicators, including existing home sales and jobless claims.

-- CNBC reports that more than two-thirds of chief financial officers in North America expect President Trump will be reelected in 2020. About 65 percent of the CFOs surveyed said the economy will not experience a recession in 2020. And a majority of them said current interest rate levels are “appropriate.”

Topics: Marketing, Industry

LOWEST MORTGAGE INTEREST IN NEARLY 3 YEARS HELPS HOUSING MARKET

Posted by Rick Griffin on Sep 6, 2019 4:51:12 PM

Southwest Real Estate Association Housing Market UpdateSan Diego County’s housing market in July 2019 saw an 8.9 percent increase in sales from the previous month, and a 3.4 percent sales increase compared to July 2018, according to the latest housing market report from the California Association of REALTORS® (C.A.R.).

In addition, the median price of an existing single-family home in San Diego County of $650,000 in July 2019 was 2.3 percent lower from the previous month of $665,000 in June 2019. The local median price of $650,000 in July 2019 was the same as July 2018.

The lowest interest rates in nearly three years helped jump-start California’s housing market to post the first year-over-year sales gain and the highest sales level in 15 months.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 411,630 units in July, according to information collected from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents the total number of homes sold during 2019 if sales maintained the July pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

July’s sales figure was up 5.6 percent from the 389,730 level in June 2019 and up 1.1 percent from home sales in July 2018 of 407,030.

“Mortgage rates that dipped to the lowest level in nearly three years have helped reduce monthly mortgage payments for the past five consecutive months, giving buyers more purchasing power,” said C.A.R. President Jared Martin. “The boost in demand gave the housing market its first yearly gain since April 2018.”

After setting record prices for the past three months in a row, the statewide median price of $607,990 in July 2019 pulled back by 0.4 percent from June 2019’s $610,720 figure, but it still registered higher by 2.8 percent than the $591,230 price set for July 2018.

It was the fourth straight month that the median price remained above $600,000.

“While it's encouraging that home sales crept higher in July, the market will continue to be challenged by an overarching affordability issue, especially in high cost areas such as the Bay Area, which requires a minimum annual income well into the six figures to purchase a home,” said C.A.R. Senior VP and Chief Economist Leslie Appleton-Young.

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

-- At the regional level, non-seasonally adjusted sales increased from a year ago in all major regions, except San Francisco, which experienced a 0.6 percent decline. The Los Angeles Metro region posted a 4.0 percent increase, and sales in the Inland Empire improved by 2.4 percent.July San Diego County Sales Activity-- Non-seasonally adjusted sales rose in every county in Southern California, with Orange County rising the most at 6.7 percent, followed by San Bernardino (5.0 percent), Los Angeles County (4.7 percent), San Diego (3.4 percent), Ventura (2.1 percent) and Riverside (0.8 percent).

-- Median home prices at the regional level continued to inch up in Southern California and the Central Valley regions, while the Central Coast and Bay Area declined slightly from a year ago. In the Southern California region, median home prices grew in every county, while most Bay Area region counties continued to experience price softening on a year-over-year basis.

-- Active listings, which had been increasing year-over-year for the past 15 months, fell 2.1 percent from a year ago.

-- The decrease in active listings and an increase in home sales contributed to a year-over-year decline in unsold inventory for the first time in 15 months. The Unsold Inventory Index (UII), which is a ratio of inventory over sales, stood at 3.2 months in July, down from 3.4 months in June and down from 3.3 months in July 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. 

Statewide, the median number of days it took to sell a single-family home increased to 21 days in July 2019, compared to 19 days in June 2019 and 18 days in July 2018.

-- In San Diego County, it took about two weeks to sell an existing single-family home in July 2019. The median number of days a home remained unsold on the market stood at 15 days in July, compared with 13 days in June, 14 days in May, 17 days in April, 19 days in March, 22 days in February and 14 days in July 2018.

July San Diego Unsold Housing Inventory-- The statewide sales-price-to-list-price ratio was 99.0 percent in July 2019 compared to 99.6 percent in July 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 price sold below the asking price.

-- The 30-year, fixed-mortgage interest rate averaged 3.77 percent in July, down from 4.53 percent in July 2018, according to Freddie Mac. The five-year, adjustable mortgage interest rate was an average of 3.47 percent, compared to 3.84 percent in July 2018.

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

-- According to CoreLogic, home sales in July rose 10.1 percent from a year ago, as the median home price stayed flat. The $580,000 median home price in July, showing no gain from the year before, was down from the all-time high of $590,000 the previous month.

-- According to the most recent S&P CoreLogic Case-Shiller Indices report, the rate of home price increases is continuing to slow in San Diego and across the nation in June. The survey found that in 20 major cities it tracked across the U.S., there was a year-over-year price gain of 2.1 percent. For San Diego County, the year-over-year increase was just 1.3 percent in June, down from 6.9 percent at the same time last year. It was the fifth monthly increase in a row for San Diego.

-- According to Zillow, home value growth continued to slow in July, indicated a slowdown. The rate of U.S. home value appreciation decreased for the seventh straight month in July. The typical U.S. home was worth $229,000 in July, an increase of 5.2 percent from a year ago but the smallest annual appreciation since October 2015. The median price of a single-family home in San Diego County was $591,500 in July, Zillow said. San Diego County’s year-over-year home price climbed by just 1.1 percent in July, compared to a 6.1 percent year-over-year increase in July 2018.

-- According to Redfin, a typical family in San Diego would need to earn 156 percent of the median household income in order to afford the $650,000 median-priced, single-family home. The Redfin survey is based on the assumption that a home is only affordable if the would-be buyer pays no more than 30 percent of his/her household income on the purchase.

-- San Diego ranked as the 10th-most coveted moving destination in the second quarter, according to a report from Redfin. There were 3,013 more Redfin users looking to move here than leave, marking a year-over-year increase of 465 users, the company reported. The largest percentage of San Diego searches came from residents of Los Angeles. The top out-of-state origin for San Diego searches came from Seattle.

-- San Diego County had the nation's fifth most expensive single-family housing market in the second quarter, according to the National Association of REALTORS® (NAR). NAR found four housing markets that were more expensive than San Diego’s. The Sunnyvale-Santa Clara area was the most expensive market at $1.33 million at mid-year, followed by the San Francisco Bay area ($1.05 million), the Anaheim-Santa Ana-Irvine market ($835,000) and Urban Honolulu ($785,500).

-- San Diego was the third most expensive home resale market in the nation during the first half of the year, according to an HSH.com report. The report, covering the top 50 metropolitan areas, incorporated local property tax and homeowner's insurance costs and calculated the income needed to qualify for a median-priced home in each market.

-- More than 20 percent of homes for sale in the San Diego metropolitan area had a price decrease in June. Of the 20 biggest metro areas in the nation, San Diego had the sixth most price reductions, according to Zillow. Chicago had the most reductions at 22 percent. The numbers are down from the end of last year in San Diego metro. In October 2018, 27 percent of home listings had price reductions. Still, recent numbers are a far cry from the start of 2017 when less than  9 percent of listings had a price reduction.

-- San Diego County had the biggest drop in homebuilding in Southern California in the first six months of 2019. According to the Real Estate Research Council of Southern California, 43 percent fewer homes were constructed in the six-month period compared to the same timeframe last year. The slowdown comes at a time when city and state leaders are offering several legislative measures to spur housing.

-- Mortgage problems, including defects, fraudulence and misrepresentation, are declining, according to First American Financial Corp. The top markets with a year-over-year decrease in July included Houston (minus-19.1 percent), Jacksonville, Fla. (minus 17.0 %), Orlando, Fla. (minus 16.5 %), San Diego (minus 16.5 %), and Tampa, Fla. (minus 14.0 %).

-- New, entry-level teachers will need to spend more than half of their salaries on rent in 19 of the nation’s 50 largest metropolitan areas this school year, according to Zillow. New educators in San Diego County will need to spend almost their entire salary in order to afford a local apartment. Zillow found that an entry-level teacher in San Diego will be required to spend 97.2 percent of their income to live in an apartment with a median monthly rent of $2,673.

-- The unemployment rate in the San Diego County was 3.6 percent in July, up from a revised 3.3 percent in June 2019, and unchanged compared with the year-ago estimate of 3.6 percent, the state Employment Development Department reported. This compares with an unadjusted unemployment rate of 4.4 percent for California and 4.0 percent for the nation during the same period.

-- U.S. employers hired 164,000 workers in July as the labor force hit a record high. Government data indicates that hiring in the U.S. remained at a healthy pace in July despite a cooling economy. The 164,000 non-farm payrolls last month increased the size of the labor force to its largest ever. The labor market has added jobs for a record 106 straight months. On average, the U.S. added a solid 140,000 jobs a month between May and July.

Topics: Marketing