2006 California Housing Market Forecast
Last week San Diego hosted the California Association of REALTORS®' Centennial Expo where real estate practitioners from all over California celebrated C.A.R.'s 100th anniversary. At the EXPO's opening luncheon the main speaker was Leslie Appleton-Young, C.A.R. Vice President and Chief Economist where she presented the 2006 Housing Market Forecast for California.
Her opening statement was that the only bubble in California's housing market is the bubble that exists all over the news during the past two years. Instead of the much talked about bubble California is in for a smooth landing during 2006. The rate of home price appreciation will moderate in 2006 following four years of steep increases, and sales will dip slightly from this year's record pace.
The median home price in California will increase 10 percent to $575,500 in 2006 compared with a projected median of $523,150 this year, while sales are projected to reach 630,610 units, falling 2 percent compared with 2005, according to the forecast.
Fixed mortgage interest rate is expected to rise to 6.4 percent next year, and the adjustable rate to hit 5.1 percent, which will make it more difficult for many families in California to be able to afford a home.
For more information on the 2006 Housing Market Forecast and how you will be affected if you plan to sell or buy a home in San Diego, contact me through my website click San Diego Real Estate Homes for Sale.
San Diego Median Home Prices Dips Slightly for August
In August the median price for a single-family home fell 0.7% to$586,000 in comparison to July, for a gain of 6.5% since August 2004. This is the fifth month in a row that year over year appreciation has been in the single digits. The average home price gained 8.2% to $732,000.In contrast, condo prices continued setting new highs in August with the median price up 5.1% to $389,000. Annual price gains have been in single digits for five during the last six months.Sales of single-family homes continue below last year's record setting pace falling 5%. Condo sales were off 8.3%.What does that mean for San Diego real estate? The way I see it first-time home-buyers who can't afford the single-family homes continue to rise the condo prices. Home-sellers on the other hand, who were used to having their homes in the market for an average of 20-30 days during last year, now they are pricing their homes realistically after seeing their homes being in the market for longer than 30 days.Where is the San Diego real estate market heading? Keep tuned...Click San Diego real estate homes for sale San Diego mortgage home loan refinance for a complete report on median prices by zip code and more information about buying or selling your San Diego home, as well as mortgage information, tools and view the current San Diego interest rates.
San Diego Real Estate & Mortgage - Introduction
Alexiou Real Estate, Inc. is a full service Real Estate and Mortgage brokerage helping buyers, and sellers to purchase or sell a home in San Diego County, as well homeowners to refinance their San diego home.- Sellers can find out the value of their San Diego home by requesting a comparable market analysis (CMA) by clicking San Diego house values.
