DRE Real Estate Fall Bulletin Released.

Posted by Communications on Nov 1, 2022 4:12:19 PM

The California Department of Real Estate released its fall bulletin.  Check out the highlights in this quarter's issue.

In this issue:

New Required CE Coursed Now Available. Licensees renewing for the frst time on or after January 1, 2023, complete a new two-hour course in implicit bias training and a revised three-hour course in fair housing that includes an interactive participatory component

The Important Role of Enforcement in Regulating California’s Real Estate Industry  DRE posts on its website summaries of the most serious enforcement actions taken against licensees, as well as other disciplinary actions. 

Licensees Urged to Protect Themselves from ID Theft Scam  DRE recently issued a statewide Consumer Alert

DRE Stats include a 5% reduction in licensees prior to last year.  5,202 Complaints received.  67,768 exams administered.

External Audit Stats on Property Management, Broker Escrow, Mortgage Loan, and Sales.  Given DRE’s number of auditors as compared to its licensee population, audit efforts in FY 2021-22 focused on brokers who handle a high volume of trust funds. Audit cases completed during the fiscal year revealed a troubling high incidence of trust fund shortages.

Legal Activity, Enforcement, Subdivisions, Communications, and a look forward.

Learn from a wealth of information and insight provided in the Fall Real Estate Bulletin.

Click Here

California DRE Fall Bulleting link

 

Topics: Announcements, Brokers/Managers, Industry

Think You Know the Rules? Take the CRMLS Compliance Quiz to Find Out!

Posted by Richard D'Ascoli on Nov 1, 2022 3:38:57 PM

Blogbanner_CRMLS_Compliance_Quiz

IF YOU CAN'T AFFORD A $2,600 fine, PLEASE do help yourself and understand the MLS rules. PSAR doesn't have any power when it comes to CRMLS fines.  The rules are made by REALTORS who serve on the CRMLS Board of Directors.

Think you know the rules? Take this Compliance Quiz.

Take the Quiz!

If you get less than 100%, think about taking some training.

It is important that you understand top MLS violations and avoid costly fines. By taking this Top Violations Overview training, you will be educated on CRMLS Rules & Regulations and fines, the CRMLS Citation Policy, and a whole lot more.

Register for Training
Looking for other training material and videos?  Look here.
 
Also:

__________________________________________

PSAR's Mission is to empower Real Estate Professionals

Since 1928, the Pacific Southwest Association of REALTORS® has played a significant role in shaping the history, growth, and development of the Real Estate industry in San Diego County.

Topics: Announcements, Industry

Over 55, Disabled, or Victim, Can Now Save On Property taxes.

Posted by Communications on Oct 21, 2022 2:47:00 PM

Many owners who want to move within California can now transfer their lower property tax base from one property to another, anywhere in the state, The tax base transfer can save owners tens of thousands of dollars or more in taxes. 

Under Proposition 13, a home is normally appraised at its full market value at the time it is purchased. This program allows the taxable value on the original home to be transferred to the replacement home thereby preventing an increase in property tax.

The program befits owners who meet the qualifications listed here.

Homeowners Age 55+ If you're a senior, retiree, or older homeowner who feels trapped in a home that no longer fits your needs.

People With Severe Disabilities  If you live with a severe or permanent disability.

Victims of Wildfire & Natural Disasters
If you are one of the tens of thousands of Californians whose family home has been destroyed or substantially damaged by wildfire.

The new law called Proposition 19 makes it easier for you to move to another home without incurring a property tax hike.* 

Explainer Video Prepared by San Diego Chief Deputy Assessor, Jordan Marks,
and produced by the PSAR.

See the California Board of Equalization Prop 19 information page for additional details about filing checklists, guidelines, rulemaking, frequently asked questions, related legislation, deadlines, forms requirements, types of relief, intergenerational transfer exclusions, additional resources, and general property tax information.

Filing forms for Seniors and the Disabled may be found here. See the tabs "Forms"

* Always check with your tax professional to verify your particular situation prior to making financial decisions.

_______________________________

PSAR's mission is to empower real estate professionals.

Since 1928, the Pacific Southwest Association of REALTORS® has played a significant role in shaping the history, growth & development of the Real Estate industry in San Diego County.

Topics: Education, Announcements, Industry

RISING INTEREST RATES DEPRESS HOME SALES, PRICES

Posted by Rick Griffin on Oct 20, 2022 9:29:00 AM

RISING INTEREST RATES DEPRESS HOME SALES, PRICES

Rapidly rising mortgage rates slowed home sales in September 2022 and continued the month-to-month declining trend that began in the spring, according to the latest home sales and price report from the California Association of REALTORS® (C.A.R.).

The question up for debate: How low will prices go while mortgage rates soar and demand wanes? Volatile mortgage rates, along with economic uneasiness and inflation, may prompt house hunters to rethink what they’re willing to pay here in the fall.

With mortgage rates rising and the average 30-year fixed-rate mortgage approaching 7 percent, home prices and sales are expected to continue dropping in the coming months as affordability remains a challenge.

The continuing price drop is a reversal from the pandemic era’s price boom. And keep in mind, the statewide median price is still up 42 percent from February 2020, which was the last month before COVID-19 upended the economy.

The September 2022 sales pace was down 2.5 percent on a monthly basis from 313,540 in August 2022 and down 30.2 percent from September 2021, when 438,190 homes were sold on an annualized basis.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 305,680 in September 2022, 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 2022 if sales maintained the September 2022 pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

Home sales have dipped for 15 straight months on a year-over-year basis. September 2022 was the second time in the last three months that sales have exceeded 30 percent from a year ago.

The monthly 2.5 percent sales decrease was worse than the long-run average of zero percent change recorded between an August and a September in the past 43 years.

September statewide sales in all price segments continued to drop by 25 percent or more year-over-year, with the sub-$300k price range falling the most at 36.7 percent. Sales of million-dollar homes fell by double-digits again for the fourth consecutive month, with the high-end market segment dipping 25.6 percent from the same month last year. 

In San Diego County, home sales dropped 33.2 percent in September 2022, compared to a year ago in September 2021, and 9.5 percent lower in a month-over-month comparison with August 2022. 

Statewide, the median single-family home price fell to $821,680 in September 2022, off 2.1 percent from the $839,460 price in August 2022, up 1.6 percent from the $808,890 price in September 2021, and down 8.7 percent from the $900,000 all-time high set in May 2022.

The statewide median home price continued to increase on a year-over-year basis in September, but the growth rate remained very mild compared to those observed earlier this year.

At an increase of 1.6 percent year-over-year, September 2022 marked the fourth consecutive month with a single-digit annual increase. The less-than-2-percent growth rate in the statewide median price was much lower than the 6-month average growth rate of 6.7 percent recorded between March 2022 and August 2022.

The 2.1 percent, the month-to-month decline in September 2022 was slightly lower than the long-run average of 1.8 percent decrease recorded between an August and a September over the past 43 years.

Locally, the median sales price for an existing, single-family detached home in San Diego County increased 1.6 percent to $899,000 in September 2022, compared to $885,000 in August 2021. The September 2022 median price was 5.8 percent higher than the year-ago price of $850,000 in September 2021. The median is the price at which half of the homes sell for more and half for less.

“With interest rates rising rapidly since the beginning of the year, buyers and sellers are having difficulties adapting to the market’s new normal,” said C.A.R. President Otto Catrina, a Bay Area real estate broker and REALTOR®. “As the market continues to evolve in the next 12-to-18 months, REALTORS® will be playing an ever-more important role as trusted advisors to guide their clients through the complicated buying and selling process and help them overcome their obstacles during these challenging times.”

“September’s sales and price declines reaffirm our forecast for next year,” said C.A.R. Vice President and Chief Economist Jordan Levine. “High inflationary pressures will keep mortgage rates elevated, which will reduce homebuyers’ purchasing power and depress housing affordability in the upcoming year. With borrowing costs remaining high in the next 12 months, a pull-back in sales and a downward adjustment in home prices are expected in 2023.” 

Other key points from C.A.R.’s September 2022 resale housing report include:

-- At the regional level, sales continued to fall sharply from last year, with four of the five major regions falling more than 25 percent from last year. Southern California had the biggest annual drop in sales at 32.6 percent, as every county within the region experienced a sales decline of more than 30 percent in September 2022.

-- All but three counties tracked by C.A.R. posted sales drops from a year ago. Of the counties that recorded sales drops from last September 2021, 45 of them fell more than 10 percent, and 36 counties plunged more than 20 percent from the same month last year.

-- Nearly two-thirds of all California counties experienced an increase in their median prices. Prices were up from last year by double-digits in five counties in September 2022, as compared to seven counties in the prior month.

-- Housing supply in California improved from a year ago and was unchanged in September 2022, compared to August 2022, despite a decline in housing demand. The statewide unsold inventory index was 2.9 months in both September 2022 and August 2022, while the figure was 1.9 months in September 2021.

-- In San Diego, the inventory of available homes for sale increased to 2.7 months in September 2022, compared to 2.5 months in August 2022, and 1.6 months a year ago in September 2021. Other inventory figures in 2022 include 3.1 months in July, 2.4 months in June, 1.9 months in May, 1.6 months in April, and 1.4 months in March. 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.

-- With closed sales dropping more than 25 percent and pending sales falling more than 40 percent, active listings have been staying on the market significantly longer, which contributed to a surge in for-sale properties by 51.5 percent in September 2022.

September 2022 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

September 2022 County Sales and Price Activity
-- The median number of days it took to sell a California single-family home was 22 days in September 2022, 19 days in August 2022, and 10 days a year ago in September 2021.

-- In San Diego, the median number of days it took to sell an existing, single-family home was 19 days in September 2022, compared to 15 days in August 2022, 10 days in July 2022, 8 days in June 2022 and 7 days in May 2022 and April 2022.  A year ago, in September 2021, the figure was 9 days. The median represents a time when half the homes sell above it and half below it.

September 2022 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

September 2022 County Unsold Inventory and Days on Market

-- The statewide, sales-price-to-list-price ratio was 97.7 percent in September 2022, similar to 98.4 percent in August 2022, which was below 100 percent for the second time since June 2022. The statewide sales-price-to-list-price ratio was 101.9 percent in September 2021 and 102.8 percent in August 2021. The 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 of 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 6.11 percent in September, up from 2.90 percent in September 2021, according to Freddie Mac. The five-year, adjustable mortgage interest rate averaged 4.87 percent, compared to 2.45 percent in September 2021.

Topics: Brokers/Managers, Market Information

HOME PRICES STABILIZING, SALES HIGHER

Posted by Rick Griffin on Sep 29, 2022 1:53:47 PM

HOME PRICES STABILIZING, SALES HIGHER

California’s housing market in August sees a notable increase in sales - a first in five months. Sales rebounded as home prices are stabilizing. 

For the first time in five months, California home sales increased in August 2022, according to the latest home sales and price report from the California Association of REALTORS® (C.A.R.). The increase in home sales in August was attributed to a brief retreat in mortgage rates that created a slightly more favorable lending environment.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 313,540 in August, 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 2022 if sales maintained the August pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

Statewide, the rate of home sales in August 2022 was up 6.1 percent in a monthly comparison with July 2022, when 295,460 homes were sold, and down 24.4 percent from a year ago in August 2021, when 414,860 homes were sold on an annualized basis.

The monthly sales increase for August 2022 was higher than the long-run average of 0.4 percent for July-August in the past 43 years and marked the first monthly sales increase in five months.

In San Diego County, home sales dropped 27.7 percent in August 2022, compared to a year ago in August 2021, but were up 16.3 percent in a month-over-month comparison from July 2022.

Statewide, home prices stabilized in August 2022 as the statewide median price increased on both a monthly and yearly basis, but at a less-than-2-percent growth pace.

The statewide median price edged up 0.7 percent in August 2022 to $839,460 from the $833,910 recorded in July 2022 and was up 1.4 percent from the $827,940 recorded a year ago in August 2021.

The year-over-year price gain was the smallest in more than two years. The nominal price increase was attributed partly to a change in the mix of sales in August. With sales in the million-dollar segment rising 6.8 percent from the prior month, the August 2022 statewide median price also pushed slightly by 0.7 percent from July 2022.

Locally, the median sales price for an existing, single-family detached home in San Diego County dropped in August 2022 to $885,000, a 4.8 percent decline from the $930,000 median price in July 2022. The August 2022 median price was still 6.0 percent higher than the year-ago price of $835,000 in August 2021. The median is the price at which half of the homes sell for more and half for less.

“California’s housing market stabilized briefly as a reprieve on mortgage rates in July and early August brought buyers into the market,” said C.A.R. President Otto Catrina, a Bay Area real estate broker, and REALTOR®. “Active listings have passed their annual peak, and while homes are taking slightly longer to sell, the share of homes seeing price reductions has also stabilized to near pre-pandemic levels. Price growth in August picked up on both a monthly and annual basis, and pending sales suggest a bounce-back for homes priced $2 million and above.”

“It’s encouraging to see that August’s sales pace rebounded above an annualized 300,000 units sold,” said C.A.R. Vice President and Chief Economist Jordan Levine. “Although we do not expect a rapid bounce-back because the Fed is expected to continue raising interest rates to get inflation under control, the monthly increase in closed and pending sales suggests that the market may have already priced in most of the rate increases to date. Still, buyers will continue to grapple with rising costs of borrowing, which will keep home sales below the 350,000 annualized pace for the remainder of the year.”

Other key points from C.A.R.’s August 2022 resale housing report included:

-- At the regional level, sales continued to fall sharply from last year, but the declines in August 2022 moderated slightly from the prior month. Southern California dropped 28.8 percent in a year-over-year comparison.

-- Forty-seven California counties experienced a year-over-year sales decline in August 2022, and 30 of them plunged more than 20 percent.

-- More than two-thirds of all California counties experienced a year-over-year increase in their median prices in August 2022, but their growth rates have been decelerating in the past three months.

-- Housing supply in California improved in August 2022 from a year ago but tightened slightly from July 2022, as housing demand rose in August. The statewide unsold inventory index decreased to 2.9 months in August 2022, compared to 3.2 months in July, but the figure was higher than 1.9 months a year ago in July 2022. Weaker demand continued to be the primary factor for the improvement in the index.

-- With both closed sales and pending sales slowing by more than 20 percent, active listings have been staying on the market longer, resulting in a year-over-year surge of 57.1 percent in homes for sale in August 202.

-- In San Diego, the inventory of available homes for sale dropped to 2.5 months in August 2022, compared to 3.1 months in July 2022, 2.4 months in June 2022, 1.9 months in May 2022, 1.6 months in April 2022, 1.4 months in March 2022 and 1.7 months in August 2021. 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.


-- Forty-seven of the 51 counties tracked by C.A.R. recorded an increase in active listings on a year-over-year basis in August 2022, a slight increase from July 2022’s 46 counties.

-- The median number of days it took to sell a California single-family home was 19 days in August 2022, 14 days in July 2022, and 9 days in August 2021.

-- In San Diego, the median number of days it took to sell an existing, single-family home was 15 days in August 2022, compared to 10 days in July 2022, 8 days in June 2022, 7 days in May 2022, and April 2022. A year ago, in August 2021, the figure was 8 days. The median represents a time when half the homes sell above it and half below it.

August 2022 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)
blog_220923_chart1


-- The statewide sales-price-to-list-price ratio was 98.4 percent in August 2022, which was below 100 percent for the first time since June 2020. The statewide sales-price-to-list-price ratio was 102.8 percent in August 2021. The 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 of 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 is below the asking price.

-- The 30-year, fixed-mortgage interest rate averaged 5.22 percent in August, up from 2.84 percent in August 2021, according to Freddie Mac. The five-year, adjustable mortgage interest rate averaged 4.36 percent, compared to 2.42 percent in August 2021.

(Regional and condo sales data not seasonally adjusted)blog_220923_chart2

-- The statewide median sales-price-to-list-price ratio remained above 100 percent at 101.3 percent in Jun 2022, compared to 103.4 percent in May 2022, 104.2 percent in April 2022, 103.3 percent in March 2022, and 104.1 percent in June 2021. Sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and sellers under current market conditions. The ratio, expressed as a percentage, is calculated by dividing the final sales price of a property by its last list price. A sales-to-list ratio of 100 percent or above suggests that the property sold for more than the list price, while a ratio below 100 percent indicates that the price sold below the asking price.

-- The 30-year, fixed-mortgage interest rate averaged 5.52 percent in June, up from 2.98 percent in June 2021, according to Freddie Mac. The five-year, adjustable mortgage interest rate averaged 4.28 percent, compared to 2.56 percent in June 2021.

Topics: Brokers/Managers, Market Information

MEET LAURIE MACDONALD, 2024 PSAR PRESIDENT, A HELPER AT HEART

Posted by Rick Griffin on Sep 14, 2022 8:31:14 AM
Laurie MacDonald - 2024 PSAR President

Meet Laurie MacDonald, who was recently elected to serve as your 2024 PSAR President.

“Serving as President-elect in support of our 2023 President Jason Lopez, I’m looking forward to growing our association, serving our members, and continuing the good fight for property rights and homeownership,” said Laurie. “I’m a big believer in giving back, no matter how busy you are. 

Laurie is a fourth-generation San Diegan. “My great-great grandparents arrived in San Diego from Halifax, Nova Scotia, sometime in the 1890s and my great-grandmother was born here in 1909.”

Real estate is part of her family history. “My great-grandmother, the same one born in 1909, bought a house in the Normal Heights area by herself in 1939. She was a widow at the time, but a female buying a home without the assistance of a man was rare in those days,” said Laurie. “Later, my grandparents owned and operated a real estate office, called Kelly and Associates, for many years on Parkway Drive in La Mesa.”

Laurie grew up in La Mesa. She attended Murray Manor Elementary School, Parkway Middle School, and Helix High School.

During and after high school for 12 years she sold and designed swimming pools, hardscapes, and landscapes mostly in the new homes developments of San Diego.

In 2009, she opened her own bridal boutique in La Mesa, which led her to become involved and serve on the boards of the La Mesa Village Merchants Association and the La Mesa Park & Recreation Foundation, a nonprofit that raises money to enhance the city’s parks and present community events such as Sundays at Six, a summer concert series. She is currently board president of the La Mesa Park & Recreation Foundation.

“I’m a helper at heart,” said Laurie. “I’ve been involved in my community and my kids’ schools. I live by a philosophy of giving back and serving my community.”

Laurie’s career in real estate began in September 2015. She served for several years on PSAR’s Government Affairs Committee and chaired PSAR’s YPN (Young Professional Network) group for two years. She has served on PSAR’s board of directors from 2020 to 2021.

“I wouldn’t be where I am today in real estate without my involvement in PSAR,” said Laurie. “Becoming an active volunteer with PSAR has propelled my career and helped me better serve my clients.”

Throughout her upcoming term as president, Laurie says she will continue to encourage PSAR members to get more involved with their association. “The best place to be in-the-know is at the table where decisions are made,” said Laurie. That’s because the more you know, the better you can serve your clients. Thanks to PSAR, the connections and relationships you make with other realtors and real estate professionals are simply invaluable.”

_______________________________

PSAR's mission is to empower real estate professionals.

Since 1928, the Pacific Southwest Association of REALTORS® has played a significant role in shaping the history, growth & development of the Real Estate industry in San Diego County.

Topics: Announcements, Industry

MEET VALERIE GARDNER, NEW PSAR BOARD MEMBER, MAKING A DIFFERENCE

Posted by Rick Griffin on Sep 8, 2022 10:36:06 AM
Valerie Gardner, New PSAR Board Member

Meet Valerie Gardner, who was recently elected to a two-year term (2023-2024) on the PSAR Board of Directors.

Valerie was born at Eglin Air Force Base located in the western Florida Panhandle. She is the middle child of seven in a family of four daughters and two brothers.

Valerie’s mom was a homemaker and her father served in the United States Air Force. Her father’s Air Force career took Valerie to live in Augsburg, Germany, for elementary school, Great Falls, Montana, for middle school, and Albany, Georgia, for high school.

In high school, Valerie excelled as an athlete and was a member of the school’s track team and women’s basketball team. “I received recognition for my abilities while in all these sports,” Valerie said.

After high school, Valerie attended Troy State University in Troy, Alabama, where she graduated with a bachelor’s of science degree. Her major was criminal justice and her minor was in business.

After college, Valerie joined the United States Navy and honorably served for nine years. She worked in the Navy as an electrician, repairing motors and controllers on submarines. “I lived on the ship and carried on with my fitness and received commendations for being the fittest female sailor on the ship,” said Valerie.

After her Navy career, Valerie worked in the insurance industry for 12 years. “I started working in the claims and worked my way up to branch claims manager,” she said.

According to Valerie, “I got into real estate because I had a goal to be self-employed before I turned 40, and I have not looked back.”

She began her real estate sales career in 2001 and was honored with the Rookie of the Year award in her first year.

“Over the course of my 20 years in real estate, I have learned that is my job to be an advocate for my clients,” said Valerie. “My job is to meet them where they are, to listen and deliver on their needs, and to keep them on course.”

Valerie’s approach to real estate is also her motivation for serving on the PSAR board of directors. A friend encouraged her to run for a seat on the board and she decided to submit her name for the board election.

“My job will be to stand up for ethical and fair real estate business practices and protect private property rights, and protect the monetary investment made by our members and their clients.”

According to Valerie, “I come from a place of love and understanding and this is why I have been a successful REALTOR® in one of the toughest markets in the country to succeed. Now, I’m ready to give back to our industry and help PSAR and our members in any way that I can. My friendships with other PSAR members, as well as the great educational and networking opportunities, have been an important part of my real estate business. I encourage all of our members to expand their participation and get involved with our Association because, with PSAR, you can make a difference.”

_______________________________

PSAR's mission is to empower real estate professionals.

Since 1928, the Pacific Southwest Association of REALTORS® has played a significant role in shaping the history, growth & development of the Real Estate industry in San Diego County.

Topics: Announcements, Industry

RON FLOYD, PSAR REALTOR, 1932-2022

Posted by Rick Griffin on Sep 6, 2022 8:30:00 AM

RON FLOYD, PSAR REALTOR, 1932-2022

The PSAR family lost a good friend and 1983 REALTOR® of the Year with the recent passing of longtime member Ron Floyd, who died June 3. He was 89.

Ron founded his own real estate company in the 1960s and operated it until his retirement in 1991. For many years, he operated a Century 21 office, said a family friend.

Ron was born Aug. 27, 1932, in Portland, Ore. He had an older sister and a younger brother. His family moved to Southern California in 1939, and Ron attended school in Chula Vista. His family said Ron was raised in a God-fearing home, which had a great influence on his life.

After he graduated from Chula Vista High School in 1951, Ron worked for a brief time for a railroad company before he was drafted into the U.S. Army in December 1952. He served as a staff sergeant during the Korean Conflict. He was honorably discharged on Nov. 4, 1954.

After his return to Chula Vista, while operating a retail music business, Ron met his wife Donna Sterling. They raised three daughters, Michele, Kimberly, and Stacey. Ron and Donna were married for 64 years.

During his retirement years, Ron hosted many friends and ministers in their home for Wednesday Bible studies and Sunday morning fellowship meetings. The family said these times were always a great pleasure for Ron and Donna. His family said even when Ron’s memory was failing, he would wake up and say, “Hurry up, I have to get ready for the meeting.”

Ron is survived by a brother Robert, his wife Donna, and daughters Michele Rizos, Kimberly Floyd, and Stacey Wagstaff. Grandchildren include Anthony, Nathan, and Olivia Rizos. Nephews include Kenneth Konkel, Gary Konkel, and Brooke Floyd. Nieces include Karen Konkel, Brenda Swenson, Barbara-Jean Skalleberg and Bobbi-Jo Floyd.

Funeral services were held June 11 at Glen Abbey’s Memorial Park and Mortuary. A graveside service was held on June 15 at Miramar National Cemetery.

#  #  #

Topics: Announcements

ALERT- Oppose new property taxes!

Posted by PSAR Communication on Aug 4, 2022 5:23:50 PM

Slide_220802_alert (2)

STOP California's Legislature from Taxing Families
out of Homeownership

PSAR OPPOSES Senate Bill 1105 (Hueso) and Senate Bill 679 (Kamlager) each of which creates an unelected agency with the power to impose a range of new property taxes.  Those taxes would make keeping and getting into a home more expensive and difficult, potentially taxing people out of their homes and pushing homeownership out of reach for many of California's working families. Homeowners need YOUR help to STOP these bills!  Please ask your clients to TAKE ACTION NOW!

     TAKE ACTION NOW     

SB 1105 grants vast, unchecked, taxing and bonding authority to an unelected Housing Agency Board in San Diego which would consist of 6 appointed representatives, serving 4-year terms that can by resolution, or initiative, impose: 

  • special taxes on real property,
  • a parcel tax,
  • a gross receipts business license tax,
  • a special business tax,
  • a documentary transfer tax,
  • a special land value windfall tax, or
  • a commercial linkage fee.

The proposed Agency requires revenues generated to assist in the construction of housing broadly defined. Revenue could go to large developers of rental homes and no restrictions on the agency purchasing single-family homes which could then further limit the opportunities for home ownership. The costs of solving California’s housing problems should not be placed on working Californians struggling to stay afloat and keep their homes in a tough economic environment, especially when there is a 97 billion dollar state surplus.
 
Similar to SB 1105, SB 679 would establish a local Housing Agency in LA with a 19-member “governing board” to raise revenues through: 

  • a parcel tax
  • gross receipts business license tax
  • a document transfer tax, or
  • the issuance of bonds to fund affordable housing preservation (acquiring, rehabilitating, deed restricting, etc.).

Here’s how you can help:
  
Ask your clients, friends, and family to TAKE ACTION and continue posting on social media!

We are stronger together, and your voice will help us defeat SB 1105 and SB 679.

For questions, please contact realtorparty@car.org

Topics: Government Affairs

San Diego Home Sales Down 31% in July

Posted by Rick Griffin on Aug 3, 2022 10:00:00 AM

San Diego Home Sales Down 31% in July

Housing demand in California’s housing market cooled even further in July 2022, as the effects of rising interest rates and high home prices dragged down the efforts of would-be homebuyers, according to the latest home sales and price report from the California Association of REALTORS® (C.A.R.). Statewide home sales dropped below the annualized 300,000 benchmark for the first time since May 2020.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 295,460 in July, 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 2022 if sales maintained the July pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

Statewide, the rate of homes sales in July 2022 was down 14.4 percent on a monthly comparison with June 2022, when 344,970 homes were sold, and down 31.1 percent from a year ago in July 2021, when 428,980 homes were sold on an annualized basis.

July 2022 marked the fourth consecutive monthly decline and the 13th straight annual decline.

In San Diego County, home sales dropped 41.1 percent in July 2022, compared to a year ago in July 2021, and 21.4 percent decline in a month-over-month comparison from June 2022. July’s 41 percent year-over-year drop follows a 30.5 percent drop in June 2022, compared to June 2021.

Statewide, the median home price in July 2022 declined 3.5 percent to $833,910 from the $863,790 price recorded in June 2022. The July 2022 price was 2.8 percent higher than the $811,170 recorded in July 2021. The July 2022 price was the smallest year-over-year price gain in more than two years.

The price moderation is largely attributed to a change in the mix of sales in July, as million-dollar home sales plummeted nearly 25 percent from June.

In San Diego County, the median sales price for an existing, single-family detached home in San Diego County declined in July 2022 by $20,000, or 2.1 percent, to $930,000, compared to $950,000 in June 2022. The July 2022 median price was still 8.1 percent higher from the year-ago price of $860,000 in July 2021. The median is the price at which half of the homes sell for more and half for less.

“In the midst of the peak home-buying season, high home prices and rising interest rates depressed housing affordability to the lowest level in nearly 15 years, which in turn dampened home sales,” said C.A.R. President Otto Catrina, a Bay Area real estate broker and REALTOR®. “However, buying opportunities remain in the coming months for those who have been waiting on the sideline as more listings become available, competition continues to cool off and rates begin to stabilize.”

“Home sales have taken a trouncing as the market has shifted in response to the recent surge in interest rates, and pending sales suggest that the market could remain soft in August,” said C.A.R. Vice President and Chief Economist Jordan Levine. “The pace of sales declines is expected to slow in the coming months, however, as rates continue to stabilize, market volatility begins to subside and supply conditions further normalize.”

Other key points from C.A.R.’s July 2022 resale housing report included:

-- At the regional level, sales continued to decline sharply with three of the five major regions dropping more than 30 percent from last year. The Central Coast region experienced the biggest drop of all regions, with sales plummeting 37.3 percent from a year ago. The San Francisco Bay Area followed closely with the second-largest decline (-37.2 percent). Southern California also recorded a 36.9 percent drop from July 2021.

-- Nearly 80 percent of all California counties continued to record an increase in their median prices on a year-over-year basis. Price growth rates, however, were more moderate compared to a couple of months ago when the state set its new record high.

-- The overall supply conditions in California loosened again, with the statewide unsold inventory index rising from 1.9 months in July 2021 to 3.2 months in July 2022, the highest level since May 2020. The improvement in the index was primarily due to a pullback in demand.

July 2022 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

July 2022 County Sales and Price Activity

-- In San Diego, the inventory of available homes for sale in July 2022 was 3.1 months, compared to 2.4 months in June 2022, 1.9 months in May 2022, 1.6 months in April 2022, and 1.4 months in March 2022 and 1.5 months in June 2022. 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.

-- Forty-six of the 51 counties tracked by C.A.R. registered a year-over-year increase in active listings in July, compared to 44 counties in June.

-- The median number of days it took to sell a California single-family home was 14 days in July and 8 days in July 2021.

July 2022 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

July 2022 County Unsold Inventory and Days on Market

-- In San Diego, the median number of days it took to sell an existing, single-family home in July 2022 was 10 days, compared to 8 days in June 2022, 7 days in May 2022, and April 2022. A year ago, in July 2021, the figure was 7 days. The median represents a time when half the homes sell above it and half below it.

-- The 30-year, fixed-mortgage interest rate averaged 5.41 percent in July, up from 2.87 percent in July 2021, according to Freddie Mac. The five-year, adjustable mortgage interest rate averaged 4.29 percent, compared to 2.49 percent in July 2021.

Topics: Brokers/Managers, Market Information