Empower yourself with the ability to take your own listing photos! 

A beginner level course which will provide you a camera comparison, the basics of how to make the most of your camera or cell phone, how to group and properly size photos easy upload.

This class is sponsored by PSAR's Tech Committee and instructed by Tony Amat with Nelson Photo! 

 

Please be sure to bring all of your gadgets to include cameras, cell phones, laptops, or any other device you typically use. 

Class Details:

Wednesday, February 27, 2019
PSAR East County Service Center: 1150 Broadway, El Cajon, 92021 
11:30 AM - 1:00 PM

Cost: 
FREE for PSAR and NSDCAR Members, $5.00 for non-members.

                     
                                                                        Tony Amat with Nelson Photo                                                              

 

 

NOTE: When you have successfully completed the online course, you will receive a confirmation by e-mail from www.realtor.org. Please forward the completion confirmation to PSAR at education@psar.org. Note that completion of this Ethics course will not meet the BRE license renewal requirement.

Consequences for Not Completing the Mandated NAR Code of Ethics Requirement

PSAR members filled a packed room this week at the East County Service Center in El Cajon to look into the future and hear “2019 Housing Market Outlook,” a presentation from Oscar Wei, senior economist, California Association of REALTORS® (C.A.R.).

Wei told PSAR members that housing market conditions in California will continue soft in 2019 as prices remain flat and sales pull back throughout the year because buyers are expected to remain on the sidelines.

“The overall market will continue on a declining trend,” Wei said. “Many California consumers believe home prices will be flat or falling next year, and any growth will be at a very modest pace.”

Wei also said the interest rates, which recently dropped due to economic uncertainties, will eventually climb higher. In addition, if a second government shutdown occurs, similar to the recent 35-day partial shutdown which exacerbated partisan divisions, then the real estate market and U.S. economy could be negatively impacted.

According to Wei, current market fundamentals, including positive job growth, income growth and household formation, are still solid even though sales are down double-digits despite recent declines in interest rates. Meanwhile, price growth remains near its lowest levels since early 2012. Still, a window of opportunity is currently open for buyers, he said.

“Many buyers should buy now before interest rates climb higher in the near future,” said Wei. “Inventory levels are improving, yet a tight supply led to one third of sales closing above asking price in 2018. Fortunately, active listings increased for the ninth month in a row through November.

“The Fed has raised interest rates nine times since December 2015. If interest rates increase too fast, then economic growth will come to a halt.”

Wei also offered highlights from C.A.R.’s annual homebuyers survey, including:

• Most recent buyers ended-up compromising in some way, either by paying a higher price for a smaller home than desired or living a farther distance from work or schools.

• The reasons why most buyers delay buying sooner include saving for a down payment, waiting for finances to improve and prices to stabilize or difficulty qualifying for a mortgage.

• 80 percent of recent buyers had been saving for buy for more than one year.

• The net cash gain to sellers of roughly $200,000 has been the highest since 2006.

He said California cities are still not allowing construction of a sufficient supply of new homes: the California Department of Housing and Community Development projects that 180,000 new units are needed annually to keep up with demand.

Wei also discussed local market activity. In Chula Vista, 1,589 homes sold in 2017, compared to 1,407 in 2018, a decline of 11.5 percent. In El Cajon, 1,162 homes sold in 2017, compared to 1,133 in 2018, a decline of 2.5 percent. In San Diego County, 7,412 homes sold in 2017, compared to 6,774 in 2018, a drop of 8.6 percent.

The median price per city was as follows: Chula Vista -- $570,000 in 2017, $569,500 in 2018, a difference of 0.1 percent; El Cajon -- $530,000 in 2017, $575,000 in 2018, an increase of 8.5 percent; San Diego -- $640,000 in 2017, $695,000 in 2018, an improvement of 3.1 percent.

Wei concluded his remarks by saying seven out of 10 Americans still believe that owning a home is an important part of the American dream, and 45 percent of home shoppers plan to purchase within the next five years.

Below are a few links to go to for more statistical housing market resources.  These resources are for Realtor members and will require a CAR login. 

Data & Statistics                              https://www.car.org/marketdata/data

Housing Affordability Index       https://www.car.org/marketdata/data/haitraditional

Housing Matters Podcast             https://www.car.org/marketdata/podcast

Market Minute                                  https://www.car.org/marketdata/marketminute

County Market Updates               https://www.car.org/marketing/chartsandgraphs/marketupdate

Interactive Market Stats               https://www.car.org/marketdata/interactive

Market Snapshot                            https://www.car.org/marketing/chartsandgraphs/marketsnapshot

Housing Market Webinar             https://www.car.org/knowledge/multimedialibrary/webinars/market

Also, click here to view Oscar Wei's Presentation.

As you may recall, this year’s 2019 theme for PSAR is “Salute to Service.” I can honestly say that service has been my life. For 26 years of my life, I spent serving in the U.S. Navy. After my military career, as part my service to my real estate clients, it was my commitment to service that led to me to serve as founding president in July 2013 of the San Diego chapter of the Veterans Association of Real Estate Professionals (VAREP). Now, I am privileged to serve as your 2019 PSAR President.

 I would like to encourage all of you to experience greater rewards and benefits of PSAR membership, as well as a sense of satisfaction, by participating and serving in and on a PSAR committee or event!!!

 However, here’s a personal, straight-from-the-shoulder admission: I have learned that nothing is more refreshing than to serve and giveback, also by getting involved. It’s your attitude that is most important. There’s something very authentic in participating with the desire to help others: Nothing to prove; nothing to lose.

 I love the fact that so many of our PSAR members serve on a committee or at various PSAR events embody integrity and absolute honesty. Honesty has a beautiful and refreshing simplicity about it. No ulterior motives, no hidden meanings, an absence of hypocrisy and duplicity. I’ve seen their servant-hearted leadership. When real integrity characterizes our lives, then there is no need to manipulate others.

 So, let me encourage you to get involved by volunteering and serving on a PSAR committee. Don’t just show-up, volunteer. Find your passions, utilize your strengths, be a participant, not just an observer, and you will get more out of PSAR. You will develop your skills, advance your career and the experience will be rewarding to you both personally and professionally. While no one is capable of doing everything, everyone is capable of doing something. However, all of us can extend the reach of PSAR by building relationships and spreading the word about the many benefits PSAR offers.

 PSAR’s mission is to empower our members. Our mission statement states: “We empower our members to flourish while being accountable to each other, our clients and our community.” Our members are self-empowered to take control of their own destiny and careers.

 So, join me in collaboration as we work together and commit ourselves to increase business and leadership opportunities and foster relationships for the future. Together, let’s send one very clear, strong, unmistakable message that we are here to build business networks and community, share resources and experiences, develop professionally through educational opportunities, contribute to economic development and leverage influence in the real estate industry’s future. Thanks for being a committed member to PSAR.

For more information about PSAR Committees, please see this list.  Feel free to respond here or email support@psar.org for more information. 

2019 Volunteer Opportunities at PSAR

California home sales declined for the eighth straight month in December 2018, according to the latest housing market report for home sales and prices from the California Association of REALTORS® (C.A.R). The year finished with fewer sales for 2018 for the first time in four years. For the year as a whole, sales statewide were down 5.2 percent from 2017.

December’s sales figure was down 2.4 percent from the revised 381,400 level in November and down 11.6 percent from sales in December 2017 of 420,960. December marked the fifth month in a row that sales were below 400,000 and the lowest level of sales sold since January 2015.

Sales in San Diego in December 2018 were 7.4 percent lower compared to November 2018, and down 14.7 percent from December 2017.

“The housing market continued to shift in December and drift downward as sales have fallen double digits for the past three out of four months,” said C.A.R. President Jared Martin. “This trend is expected to continue, as buyers remain cautious about the murky housing market outlook due primarily to the volatility in the financial markets and uncertainty in the economic and political arenas.

“Additionally, housing markets in and around the wildfire areas have been exhibiting unusual patterns that could remain unsettled for the next few months. The impact, however, is confined mostly within the region and should not have a noticeable effect in the housing market at the state level.”

C.A.R. said the statewide median home price in December 2018 was $557,600, which was up 0.5 percent from $554,760 in November 2018 and up 1.5 percent from a revised $549,550 in December 2017. The statewide median home price for the year as a whole was $570,010, up 6.0 percent from $537,860 in 2017.

In San Diego, the median home price in December 2018 was $618,500, which was 1.2 percent lower than the $626,000 figure for November 2018 and 2.2 percent higher than the $605,000 figure for December 2017.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 372,260 units in December 2018, 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 2018 if sales maintained the December pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

“California’s housing market in 2018 was hindered by endlessly rising home prices and interest rate hikes, which combined to erode housing affordability and hamper home sales,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. “As a result, while the statewide median home price surpassed its previous peak and set a new record in 2018, annual home sales fell for the first time in four years to a preliminary 402,750 closed escrows in California, down from 2017’s pace of 424,890.

“In the coming months, we expect a brief hiccup in sales as the government shutdown temporarily delays closings due to interruptions in IRS income verification or the processing of HUD, VA and USDA loans,” said Appleton-Young.

Other key points from C.A.R.’s December 2018 resale housing report included:

• The median number of days it took to sell a California single-family home rose from 25 days in December 2017 to 32 days in December 2018. Meanwhile, in San Diego County, the median number of days a home remained unsold on the market was 27 days in December 2018, compared to 22 days in November 2018 and 18 days in December 2017.
• Statewide active listings rose for the ninth consecutive month after nearly three straight years of declines, increasing 30.6 percent from the previous year. All major regions recorded an increase in active listings, with the Bay Area posting the highest increase at 65 percent, followed by Southern California (34 percent), Central Valley (24 percent) and the Central Coast (12 percent).
• The Unsold Inventory Index, which is a ratio of inventory over sales, increased year-to-year from 2.5 months in December 2017 to 3.5 months in December 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.
• On a regionwide, non-seasonally adjusted basis, sales dropped double-digits on a year-over-year basis in the San Francisco Bay Area, the Central Coast, Central Valley and Southern California regions, with the Central Coast dropping the most at 24.9 percent.
• Thirty-nine of the 51 counties reported by C.A.R. posted a sales decline in December with an average year-over-year sales decline of 20 percent. Thirty-four counties recorded double-digit sales drops on an annual basis, and 10 counties experienced an increase in sales from a year ago.
• The 30-year, fixed-mortgage interest rate averaged 4.64 percent in December, up from 3.95 percent in December 2017, according to Freddie Mac. The five-year, adjustable mortgage interest rate also increased in December to an average of 4.02 percent from 3.39 from December 2017.

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

• A new Zillow survey found that 27 percent of new homes in San Diego County experienced some price reduction in the fourth quarter, a 5 percent increase from the first quarter of 2018. Nationally, Zillow found that 25 percent of new homes experienced a price reduction in the fourth quarter, compared with 19.2 percent of homes in the first quarter of last year. Zillow said home shoppers nationwide may be able to find a better deal on a new home now than they could a year ago. Price cuts were more common in the fourth quarter than in the first quarter of last year, Zillow reported.
• CoreLogic recently reported that San Diego home prices were up 1.1 percent in November, after two months of decline. The real estate tracking company also said the median price in November was $565,000, which was $18,000 less than an all-time peak reached in August. 2018.
• The national economy is cooling but whether a recession is around the corner and how much a slowdown would affect the San Diego area is still an open question, according to local economists who met at the annual San Diego County Economic Roundtable at USD.
• San Diego County is one of the least affordable places to live in America, and renters know it. In 2017, 57 percent of the county’s renters were considered burdened by their housing costs, meaning they spent 30 percent or more of their income on rent and utilities. The figures come from data recently released by the Census Bureau’s American Community Survey. The problem is even worse for the 28 percent of renters in the county who spent more than half their income on rent and utilities in 2017. People with higher rent burdens are more likely to skip doctor appointments and avoid paying for medications, and they are less likely to save money.
• Demand for rental apartments has reached near record highs in San Diego, according to RealPage, a national property management and software company. San Diego was among 17 metro markets where apartment occupancy rates were at their highest in the third quarter of 2018, higher than they’ve been in the past 15 to 20 years. Occupancy rates in San Diego were the highest they’ve been in about 15 years, the company said.
• A new survey suggests a general dissatisfaction with the way things are going in California, mixed with politics to create a highly toxic brew. According to Competitive Edge’s recent poll of 806 likely voters, 15 percent of voters are seriously considering leaving and another 13 percent are giving it some thought.
• According to a recent survey from the Public Policy Institute of California, the 60 percent of respondents identified as likely voters are predicting that children growing up today in California will face a bleaker financial furniture than their parents. Sixty-seven percent of respondents said that the state was divided into haves and have-nots, and 45 percent considered themselves have-nots.
• San Diego County’s job market finished 2018 on a strong note. The local non-adjusted unemployment rate remained at a historic low of 3.2 percent in December, according to the California Employment Development Department. That’s unchanged from a revised 3.2 percent in November and below the 3.3 percent rate a year ago. The county lost 1,500 net positions in December. But year-over-year, payrolls added 28,400, up 1.9 percent.

Duane Gomer's CalDRE License Renewal and Group Review

Satisfies the requirements for license renewals for all Salespersons and Brokers.

 

Friday, February 8, 2019; Registration 8:45 AM; Review 9:00 AM - 12:30 PM

PSAR South County, 880 Canarios Ct.,  Chula Vista, CA 91910

Cost: PSAR Members $89; Non Members $109
  REGISTER HERE   or call PSAR at 619-421-7811

THE PROGRAM COVERS:

• Three hour courses of Agency, Ethics, Trust Funds, Fair Housing, Risk Management and Management & Supervision course
• Consumer Protection and Consumer Server courses via downloadable PDF files
• Optional review to prepare to take the easy exams
• Instructions to take the exams online

REQUIREMENTS:
Once you register you will receive your PDF file from Duane Gomer. Please provide your email address and DRE license when registering. DRE Regulations state that you may take no more than 15 hours of exams in a 24 hour period and start testing 5 days after the receipt of your study materials.

Anyone who fails an exam can take a second test at no cost any time within one year from date of registration or take the class again at no cost. Courses are for all licensees. These courses are approved for Continuing Education Credit by the California Department of Real Estate. However, this approval does not constitute an endorsement of the view or options which are expressed by the course sponsor, instructor, author or lecturers. DRE Vendor #0054.

Duane Gomer Seminars is a Real Estate, Notary, and MLO education school, one of the most recognized schools in the California real estate industry since 1978. Duane Gomer, Inc. specializes in helping people obtain their California real estate salesperson and broker Licenses. Duane Gomer makes it easy, convenient and affordable offering correspondence real estate continuing education courses.

You are invited to our Grand Opening!  The first 100 guests will receive a FREE Sold Rider! Join us on Wednesday, January 23rd, 2019 at 10 AM at our new location at 4340 Genesee Ave., #203, San Diego, CA 92117.  (The entrance is on the second floor in the rear of the building) PSAR's REALTOR® membership in Central San Diego has grown.  We expanded so that we can provide the local personal service experience and superior Statewide CRMLS, PSAR is known for. This location will provide superior MLS, Sentrilock, Supra, Retail Store, MLS training and Realtor Education, Networking and much more.   State and Local Representative, and Elected Officials will be present. 2019 PSAR President Robert Calloway and our Board of Directors encourage you to come by, and learn about the value of PSAR, and CRMLS, our Statewide Multiple Listing Service. This will be an event you will not want to miss and we hope to see you there!

Here are the details:  Where? PSAR Central Office, 4340 Genesee Ave., #203, San Diego, CA 92117 When? Wednesday, January 23, 2019 at 10 AM REGISTER HERE

Tom Money, a longtime PSAR member and past President (1984) passed away at his home in Bonita on Jan. 5, 2019, after a courageous fight with cancer. He was 75.

A year ago, he was diagnosed with cholangiocarcinoma, a rare bile duct cancer in the liver, according to his wife Sherry. “He got to live each day the best he could,” said Sherry. “He didn’t dwell on ‘Why me?’ He was very positive.”

Tom was considered a legendary figure at PSAR. He served as President when the Association was called the San Diego Bay Cities Board of REALTORS® (the Association’s name was changed to PSAR in 1993).

“He took great delight in hooking up first time buyers with a home,” said Sherry.

In addition to serving as President, Tom served on numerous PSAR committees as a member and chair, including the Government Affairs Committee. He also served as a California Association of REALTORS® (C.A.R.) Director. He was a recipient of the PSAR REALTOR® of the Year award.

In a 2015 interview with PSAR, Tom voiced his long-time support for the Association. “Over the many decades, the Association has never lost its focus, which is to serve its members and homeowners.”

“He was a good friend who helped me a great deal when I first got hired at PSAR,” said Rich D'Ascoli, CEO, PSAR. “Last summer, a big celebration of life event was held for him when he was still alive and many elected officials and dignitaries attended to honor him.”

The City of Chula Vista declared Aug, 8, 2018, as “Tom Money Day.” The celebration gathering drew the attendance of five mayors of Chula Vista to honor him.

In a recent edition of The Star-News newspaper, Chula Vista Mayor Mary Casillas Salas said, “Tom Money was more than a successful businessman and realtor. He had a great sense of community pride and was someone who believed in giving back through volunteerism on a number of boards, commissions, and especially devoting his time and treasure through his leadership and service in our Chula Vista Kiwanis Club. He will be missed.”

Thomas George Money was born at San Diego’s Mercy Hospital on March 3, 1943.

He met Sherry Seagraves, in August of 1970, on a blind date, and they married three years later, Aug. 25, 1973 in Balboa Park.

Tom attended local elementary schools and graduated from Chula Vista High School (class of 1961). In high school, he was the photographer for the Spartan newspaper. He contributed a photo of President Dwight D. Eisenhower for the Senior Year Scroll.

Tom operated Money Realty at 355 Third Ave. in Chula Vista. His office in Downtown Chula Vista holds the longevity record in San Diego County for continuous location as a real estate sales office. The office was opened by his father Mark in 1944, when the company was called Mark H. Money & Associates. Previously, Mark had relocated the family from Wisconsin to work in San Diego as an aircraft mechanic.

In 1963, after his father’s passing, Tom, age 28 at the time, joined the family real estate business as a REALTOR® and maintained the same office address since then. Tom’s mother Jane served as broker for the real estate company.

In addition to his service to PSAR, Tom was active in the community as a volunteer with a number of service clubs, charities and community organizations. In the 1970s and 1980s, he served on the board of the Junior Chula Vista Chamber of Commerce. He later served on the boards of the Third Avenue Village Association (TAVA) and Chula Vista Chamber of Commerce. He also served as president of the Chula Vista Kiwanis Club. He also served on an advisory board for Scripps Health.

Tom’s passion was sailing. He served on a committee in 1976 to save the Star of India, and then later sailed on the world’s oldest active sailing ship as part of the crew. The Star of India, a full-rigged iron windjammer ship built in 1863, is moored along Harbor Drive in Downtown San Diego and operated by the Maritime Museum of San Diego. Tom also was instrumental in having the America’s Cup trophy on display at Harbor Days, a summertime community event now known as Chula Vista HarborFest.

Tom experienced a number of sailing adventures during his life. As a young man, one of his adventures consisted of hitchhiking around the world on sailboats. He started a three-part, two-year journey around the globe in Hawaii. “I was 22 years old and working in Honolulu at odd jobs when I met a guy sailing to Tahiti in French Polynesia in the South Pacific who needed a crew member,” said Tom in a 2015 interview. “Then, in Tahiti I met a guy sailing to Africa who also needed a crew member. Then, in Africa, I met a guy sailing to Newport, Rhode Island. So, I call it a round-the-world trip on a sailboat as a hitchhiker.”

In 1969, Tom joined a gold mining company that was dredging the Bering Sea, between Alaska and Russia, looking for gold. According to Tom, “We were off the coast of Nome and a big storm came in and created huge chunks of ice. Our boat was crushed by the ice and we walked ashore on the ice about a quarter mile. The whole town turned out in the middle of the night with sleds to help us get our gear off the boat before it sank.”

In 1970, Tom was member of the crew who sailed a 100-foot-long, square-rigged, iron windjammer ship (similar to the Star of India) from Tahiti to Sydney, Australia, to commemorate Captain James Cook’s discovery of Australia in 1770.

In 1991, at age 48, Tom sailed across the Pacific Ocean, 2,250 miles in 12-and-a-half days, from San Diego to Honolulu, with himself and National City resident John Walton, a member of the Walton family who founded Wal-Mart (John was a son of Wal-Mart founder Sam Walton). A race was being held to raise money for Mercy Hospital and John Walton was building a new style of trimaran sailboats that were lightweight and fast (a trimaran is a multi-hull sail boat that comprises a main hull and two smaller outrigger hulls, or floats, which are attached to the main hull with lateral beams).

According to Tom, “I went to John and asked him to sponsor me in this race. He kept asking me questions and then decided to go with me. We finished first by a day-and-a-half, but were declared to be in second place by 15 minutes because of our ship’s handicap. In some races, boats have handicaps just like golfers.” (John Walton passed away on June 27, 2005, in a private plane crash in Wyoming).

Tom is survived by his wife Sherry, two daughters, Courtney Money and Colleen Varnum and husband Matt, and two grandsons, Evan and Zach; sisters Susanna Money of San Diego and Roxanne Money Zunich and her husband John of Fresno. He was preceded in death by his parents Mark H. Money and Jane Milke Money.

Broker and longtime family friend Mayra Swanson recently took over the real estate business. A memorial service will be held at 3 p.m., Sunday, Feb. 24, at the San Diego Yacht Club 1011 Anchorage Lane, San Diego, 92106. To RSVP for the service, send an e-mail to Mayra at mayra@moneypropertyinc.com, or call her at 619-422-0177. His ashes will be scattered off the coast of Pt. Loma, the family said.

What’s in store for the year ahead in the housing market?

The California Association of REALTORS® (C.A.R.) reports that a combination of high home prices and eroding affordability is expected to cut into housing demand and contribute to a weaker housing market in 2019.

C.A.R. is projecting a 3.3 percent decline in existing single-family home sales in 2019, down from a projected 410,460 in 2018 to 396,800 in 2019. The 2018 figure is 3.2 percent lower compared to the 424,100 homes sold in 2017.

“While home prices are predicted to temper next year, interest rates will likely rise and compound housing affordability issues,” said C.A.R. 2018 president Steve White. “Would-be buyers who are concerned that home prices may have peaked will wait on the sidelines until they have more clarity on where the housing market is headed. This could hold back housing demand and hamper home sales in 2019.”

C.A.R. also is forecasting growth in the U.S. gross domestic product of 2.4 percent in 2019, after a projected gain of 3.0 percent in 2018. With California’s nonfarm job growth at 1.4 percent, down from a projected 2.0 percent in 2018, the state’s unemployment rate will remain at 4.3 percent in 2019, unchanged from 2018’s figure but down from and 4.8 percent in 2017.

C.A.R. also predicts the average for 30-year, fixed mortgage interest rates will rise to 5.2 percent in 2019, up from 4.7 percent in 2018 and 4.0 percent in 2017, but will still remain low by historical standards.

Rising mortgage interest rates coupled with higher home prices in California is expected to mean that only 25 percent of households statewide will be able to afford a median-priced home in 2019, said C.A.R. If the past is any indication, the percentage of households that will be able to afford a single-family home in San Diego County next year will be even fewer.

The median home price statewide is forecast to increase 3.1 percent to $593,450 in 2019, following a projected 7.0 percent increase in 2018 to $575,800, according to C.A.R.

“The surge in home prices over the past few years due to the housing supply shortage has finally taken a toll on the market,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. “Despite an improvement in supply conditions, there is a high level of uncertainty about the direction of the market that is affecting homebuying decisions. This psychological effect is creating a mismatch in price expectations between buyers and sellers and will limit price growth in the upcoming year.”

Outmigration, resulting from the state’s housing affordability issue, will also be a primary concern for the California housing market in 2019 as interest rates are expected to rise further next year. The high housing cost is driving Californians to leave their current county or even the state.

According to C.A.R.’s 2018 State of the Housing Market/Study of Housing: Insight, Forecast, Trends (SHIFT) report, 28 percent of homebuyers moved out of the county in which they previously resided in 2018, up from 21 percent in 2017.

The outmigration trend was even worse in the Bay Area, where housing was the least affordable, with 35 percent of homebuyers moving out because of affordability constraints. Southern California did not fare any better as 35 percent of homebuyers moved out of their county for the same reason, a significant jump from 21 percent in 2017. The substantial surge in homebuyers fleeing the state is reflected by the home sales decline in Southern California, which was down on a year-over-year basis for the first eight months of 2018.

Outmigration will not abate as long as home prices are out of reach and interest rates rise in the upcoming year, said C.A.R.

California home sales continued their downward trajectory trend across the state for the seventh consecutive month in November as prospective buyers continued to wait out on the sidelines, according to the latest housing market report for home sales and prices from the California Association of REALTORS® (C.A.R).

November’s sales figure was down 3.9 percent from October and 13.4 percent from November 2017. Homes were selling at a seasonally adjusted annual rate of 381,400 units in November, compared to 440,340 a year ago. November marked the fourth month in a row that sales were below 400,000.

Sales in San Diego were down 8.4 percent in November 2018 from October 2018 and 11.0 percent compared to November 2017.

“While many home buyers continue to sit on the sidelines, serious buyers who are in a position to purchase should take advantage of this window of opportunity,” said C.A.R. President Jared Martin. “Now that interest rates have pulled back, home prices have tapered, and inventory has improved, home buyers’ prospects of getting into a home are more positive.”

C.A.R. said November’s statewide median home price declined to $554,760, down 3.0 percent from $572,000 in October but up 1.5 percent from a revised $546,820 in November 2017.

Prices are falling in San Diego as well. The median price in November 2018 was $626,000, down 1.5 percent from $635,500 in October 2018, but still 1.0 percent above last November’s $619,900.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 381,400 units in November, 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 2018 if sales maintained the November pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

“The slowdown in price growth is occurring throughout the state, including regions that have strong economic fundamentals such as the San Francisco Bay Area,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. “The deceleration in home price appreciation should be a welcome sign for potential buyers who have struggled in recent years against low inventory and rapidly rising home prices.”

Other key points from C.A.R.’s November 2018 resale housing report included:

• Statewide active listings rose for the eighth consecutive month after nearly three straight years of declines, increasing 31 percent from the previous year. November’s listings increase was the largest since April 2014.
• The median number of days it took to sell a California single-family home edged up from 22 days in November 2017 to 28 days in November 2018. Meanwhile, in San Diego County, the median number of days a home remained unsold on the market was 22 days in November 2018, compared to 24 days in October 2018 and 17 days in November 2017.
• The unsold inventory index, which is a ratio of inventory over sales, increased year-to-year from 2.9 months in November 2017 to 3.7 months in November 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.
• On a region-wide, non-seasonally adjusted basis, sales dropped double-digits on a year-over-year basis in the San Francisco Bay Area, the Central Coast, and the Southern California regions, while the Central Valley region experienced a relatively small sales dip of 3.9 percent.
• Forty-one of the 51 counties reported by C.A.R. posted a sales decline in November with an average year-over-year sales decline of 16.8 percent. Twenty-six counties recorded double-digit sales drops on an annual basis.
• The 30-year, fixed-mortgage interest rate averaged 4.87 percent in November, up from 3.92 percent in November 2017, according to Freddie Mac. The five-year, adjustable mortgage interest rate also increased in November to an average of 4.11 percent from 3.24 from November 2017.

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

• San Diego leads the nation with the most home price reductions this year. The share of home listings with a price cut grew to its highest level in at least eight years, says a recent analysis from Trulia. San Diego had the most reductions, 20.5 percent, of the 100 biggest metro areas in the United States so far this year. San Diego was tied with Tampa, which also saw 20.5 percent of homes with a price cut.
• The San Diego metropolitan area has been ranked as the fifth least popular home buying market for millennials in the United States, according to the latest LendingTree report. The company found that San Diego-area millennials only accounted for about 35 percent of the home loan purchase requests for the first 11 months of the year. Tampa was ranked as the least popular market for millennial homebuyer loan requests, followed by Las Vegas, Miami and Orlando. Salt Lake City topped the list for the most millennial home loan requests at 51 percent. It was followed by Minneapolis and Pittsburgh, where nearly half of the requested loans were from millennials.
• Few millennial renters can afford down payment on a home. According to Apartment List’s 2018 Millennial Homeownership Report, 88 percent of millennial renters in San Diego say that they plan to purchase a home at some point in the future, but just 3 percent expect to do so within the next year, while 37 percent say that they won't buy for at least five years. The survey of 6,400 millennial renters found that while the overwhelming majority of those surveyed would like to purchase a home at some point in the future, far fewer are financially prepared to do so in the near term. Of the millennial renters in San Diego who plan to purchase a home, 59 percent have zero down payment savings, while just 14 percent have saved $10,000 or more, according to the survey.
• With average rents nearing $2,000 a month, San Diego may be one of the pricier places for millennial renters in the U.S. Despite the cost, however, a survey by the rental platform company Zumper said that only 2 percent of millennials are getting help from their parents for rent. San Diego appears to be the most independent city with only 2 percent of respondents who had their parents help with rent, compared to 24 percent in Detroit. Austin had the second largest proportion of millennials in need at 23 percent.
• San Diego had the second lowest unemployment rate among California’s most populous metro areas this year between July and September, according to a report released Wednesday by the San Diego Regional Economic Development Corp. San Diego’s third-quarter unemployment rate sat at 3.2 percent, bested only by San Francisco at 2.5 percent. The rates in both cities fell 0.5 percent between the second and third quarters. Compared to the other most populous metro areas in the country, San Diego ranked 10th in the third-quarter unemployment rate.