A recent forum at the PSAR East County Events Center addressed California’s homeowner's insurance crisis. Experts shared insights and discussed ongoing efforts to improve the situation. Key takeaways include:

• Legislative Efforts: Legislators and state officials are actively working to solve insurance problems.
• Appeal Process: Consumers can appeal insurance cancellations through the California Department of Insurance.
• Regulatory Changes: The California Department of Insurance is considering regulations for forward-looking risk modeling to facilitate policy writing.
• Rate Hikes: State regulators may approve double-digit rate hikes as part of the Sustainable Insurance Strategy.
• HOA Challenges: Homeowners associations face significant increases in master policy prices.
• Early Shopping: Members’ clients should start shopping early for homeowners insurance due to rising costs.
• Cal Fire Resources: Cal Fire offers maps, home inspection resources, and suggestions for creating defensible space.
• Economic Realities: Factors like home age, and age of electrical, plumbing, and roofing systems contribute to higher rates. Inflation and increased home values also drive premium surges.
• Catastrophe Modeling: Allowing insurers to use future risk assessments with historical data might reduce reliance on the FAIR Plan, the insurer of last resort.
• FAIR Plan Safety Net: The FAIR Plan is crucial for many Californians amid climate-related threats.
• Legislative Insights: Insights into legislative efforts to control insurance costs were provided by Chris Jonsmyr from Assemblymember David Alvarez’s office.

The panelists included: Cal Fire Battalion Chief Alex Elward, Sharon Smith - California Department of Insurance, 
Maureen Moran - PSAR Member & Insurance Agent, Bob Hillard - PSAR Member & Insurance Agent, and Chris Jonsmyr - Office of Assemblymember David Alvarez

Thank you to Kay LeMenager - PSAR Broker, Organizer of the Forum, and Chair of PSAR’s Government Affairs Committee who worked with the East San Diego County Government Affairs Sub-Committee to host this informative event.  

Please see this link for an FAQ from the California Commissioner of Insurance.

Home 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)

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)

• 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.

As of May 29, all CRMLS Paragon and Matrix now feature optional "Concessions in Price" (CiP) fields. These fields help communicate the seller's willingness to offer concessions, providing sellers an edge and giving buyers a clearer idea of a property's total cost. Learn how to navigate the CiP fields in this guide and find them in your MLS system here:

Last year, nearly 40% of CRMLS closed listings included some form of concession, such as broker fee payments or repair costs. Previously, this information was only available after a listing closed. Now, active listings will display concession details, motivating sales and making it easier to find the perfect property.

For sellers, the new fields allow highlighting a willingness to offer concessions. For buyers, identifying listings with potential incentives helps overcome financial obstacles. The CiP fields benefit everyone.

New Concessions in Price (CiP) Fields:

• Concessions in Price: A text box for numerical input only, representing the total potential concessions.
• Concessions in Price Type: Classify the amount as either a dollar amount ($) or a percentage (%).
• Seller Consider Concessions?: A simple Y or N field. If "Y," additional information appears when hovering over the help (?) icon, indicating that the seller may consider a buyer concession in an offer.

By CRMLS launching these optional fields before the deadline, subscribers will gain valuable real-world implementation experience. This early access allows for necessary adjustments based on practical feedback, ensuring a smoother transition when the fields become mandatory.

For questions, please refer to the FAQ.

Remember, the CiP fields are optional, and concessions are not mandatory.

The Pacific Southwest Association of REALTORS® Nominating Committee and the Board of Directors respectfully submit the following slate for the 2025/2026 Officers and Directors Annual Election. Elections will begin electronically on June 21st and run through the 28th.

President-Elect
Claudia Zaker

Secretary / Treasurer
Michael Dullea

Directors (Vote for 5 Two-Year Seats)
Mike Anderson
Robert Cromer
David Fletes
Valerie Gardner (Second Term)
Jose Payne King
Oscar Vega

Affiliate Director
Phana Par
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Starting May 29, users will have access to the optional Concessions in Price (CiP) fields when creating a listing. 

The facts:

• In 2023, nearly 40% of closed residential listings included some form of concessions, including the seller paying for escrow and title fees, loan discount points, and repair and/or upgrade costs.
• 15% of those closed residential listings in 2023 had some sort of advertisement for Concessions being offered in the Private Remarks section of the listing.

With such a large amount of our user base actively offering concessions, we saw an opportunity to create a specific set of dedicated fields for the benefit of our users and their clients. These new CiP fields will allow agents to convey their willingness to offer concessions at the listing level, thus allowing for clearer communication and cooperation between agents and brokers. 

The new fields benefit all parties:

• Listing agents and sellers
  Will gain a dedicated space to advertise/market their willingness to consider concessions at the listing input level
• Buyer's agents
  Will be able to better serve their clients with up-front information on which listings will consider concessions to assist in transaction fees 
• Homebuyers
  Enhanced transparency on which listings are willing to consider concessions to assist with their financial needs  

What's changing?
Currently, concessions are recorded only at the close of a transaction with a mandatory requirement to state the amount of any concession. The new, more descriptive CiP fields will be available for input at the listing level.

To be clear, the new CiP fields will be optional and only reflect a client's willingness to consider concessions. Details regarding the concessions that may be offered must be discussed outside of the MLS and after a written agreement is signed.

The new fields will be titled: 

• Concessions in Price: a text box for numerical input only. This amount should include any and all potential concessions in a single total amount.
• Concessions in Price Type: classify the number above as either $ or %
• Seller Consider Concessions?: either Yes or No. If Yes, then the listing will include the phrase “A Seller may consider a buyer concession if made in an offer.”  

As of May 29, the new fields in your Matrix system will appear here:

Additional CiP Resources
FAQs
The Facts About Concessions Infographic
Concessions in Price Infographic

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)

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)

• 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.

The Accredited Buyer’s Representative (ABR®) designation is for real estate professionals passionate about working with buyer clients and want to acquire enhanced business skills that lead to service level excellence.

Who Should Consider the ABR® Designation?
This prestigious designation is tailored to real estate buyers' agents committed to enhancing their expertise in assisting buyer-clients throughout the home-buying process. REALTORS® who achieve the ABR Designation will stand out in a competitive market.

Attend PSAR's FREE ABR® Class on May 30th and May 31st, 2024

What Benefits Does the ABR® Designation Offer?

1. Advanced Education

Embarking on the ABR® designation journey enriches your understanding and skills, making you a more competent agent in the eyes of potential home buyers. This program offers a robust educational experience focusing on the needs and trends relevant to home buyers, ensuring you are well-equipped to handle various buyer scenarios effectively.

2. Exclusive Resources and Tools

As an ABR® designee, you gain exclusive access to members-only publications, marketing tools, and comprehensive resources crucial for remaining in the forefront of a fast-evolving real estate marketplace. These are tools that will enable you to market your services more effectively and efficiently.

3. Networking and Referrals

Joining the ABR® community opens up networking opportunities with other real estate professionals. Relationships lead to referrals and collaborative prospects, expanding your business reach and potential client base.

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How to Earn the ABR® Designation

• Take this two-day Core Designation Course (free to PSAR Members*)
  
• Complete one of the ABR® elective classes
• Document five completed transactions in which you acted solely as a buyer representative. (These transactions do not need to fall within a specific period of time.)
• Membership in good standing in the National Association of REALTORS® (NAR).
• Membership in good standing in REBAC

Application Process and Future Cost

• Submit the application and documentation of five completed buyer-agent transactions.
• The first year of REBAC membership is free
• The second year is $110, but prorated based on the month you joined REBAC
• $110 per year thereafter

The ABR® Designation is earned only by completing a series of achievement benchmarks, each of which demonstrates your superior skill set and advanced knowledge. 

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PSAR's mission is to empower real estate professionals.