The San Diego housing market is in a crisis due to a lack of inventory, with home sales dropping significantly in September 2023 compared to August and September 2022. Average prices remain high, while the median single-family home price dipped 1.6%. The rise in interest rates from 3% to over 7% has caused many to be more hesitant to sell, and unless interest rates drop to around 5.5%, the market is...
California home sales ↓ 5.3% MoM and ↓ 18.9% yearly, as rising rates and low inventory continued to weigh on the market. The statewide median home price ↑ 3.3% MoM and ↑ 3% yearly to $860K, the biggest annual increase in 14-mo. 43 of the 52 counties tracked by CAR experienced sales ↓ yearly in August....
California faces a home insurance crisis due to escalating wildfire and climate risks. Regulation Prop 103, designed to protect consumers, inadvertently caused insurers to withdraw coverage. Sweeping reforms are expected to result in higher premiums, but may entice top insurers to return to high-risk areas....
California successfully passes multiple housing production bills in 2023. Public awareness of the housing crisis significantly expands. Worsening housing conditions exert pressure on legislators to act....
David Alvarez, while on the San Diego City Council, realized the need for state-level reform for housing reform. This year he authored two bills signed by Gov. Gavin Newsom to incentivize developers to reserve homes for middle-income residents and exempt all housing projects with 100% of their units reserved for low-income housing from review under the California Environmental Quality Act....
California’s diverse architecture and fluctuating weather make home inspections crucial for revealing hidden issues like structural flaws and water damage. Older homes, common in California, may require updates like plumbing and electrical system repairs, affecting future needs and maintenance. Specialized inspections, beyond standard ones, are often...
The U.S. Federal Reserve's decision to raise interest rates has caused a decrease in real estate transactions in San Diego, as higher interest rates make it more expensive to borrow money and many people are priced out of the housing market. University of San Diego Economics Professor Alan Gin noted that this decrease in demand affects other parts of the economy. However, Realtor Destiny Roxas sees...
Hiring professional contractors to perform home remodeling in San Diego can be a wise investment as they are experienced and can help you avoid any pitfalls, and ensure the job is done efficiently and within your budget. They can also help keep noise and dust to a minimum. On average, homeowners paid between $12,135.00 and $97,086.00 for house remodel in San Diego in 2023, including all project costs,...
San Diego is not one of the cities with the most vacant homes - only 6% of homes in the metro area are vacant, compared to 13.9% in New Orleans and 12.7% in Miami. The main reason for vacant homes in San Diego is seasonal, recreational, or occasional use, followed by foreclosures, legal proceedings, repair work, or homes waiting to be rented or sold. Continue to full article...
California Housing Finance Agency helped 13.8K California households with housing stability and wealth-building in Fiscal Year 2022-23. CalHFA offers affordable housing and homeownership programs catering to various needs. These programs include down payment assistance, specialized programs for teachers, nurses, single mothers, and low-income homebuyers....
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