San Diego Real Estate Prices – The Big Picture
When San Diego real estate prices are on the rise, bargain shoppers start to feel the heat to not miss a deal. On the other hand, when San Diego real estate prices are on a downturn, noticing good value in local listings is easier. Why? - Because a slow or downward market means that sellers who are in a hurry to move on will be willing to reduce their asking price thereby adjusting to the market more quickly, rather than “waiting it out”.
Even if San Diego real estate prices never exactly match the national market, the national real estate prices leave an imprint on our San Diegoreal estate prices. Of all the national indicators that are out there, the leading one is the research done by under the Case-Shiller banner which is a group of indexes that tracks changes in home process throughout the United States.
Just last month, the latest S&P/Case-Shiller Home Price Index again confirmed the uptrend we have been seeing for nearly three years now. Namely that nationally, residential real estate prices continued to rise at a moderate level. More interestingly, the Analysis section of the Case-Shiller report stated that the data marked the 34th consecutive month of year-over-year price gains, and that home real estate prices “continue to rise and outpace both inflation and wage gains.” Further, it pointed out that, nationally, average residential real estate prices are within 10% of the “housing boom peak.” And finally, it came up with an insight that places everything into perspective by looking at inflation-adjusted numbers. The latest U.S. real estate prices as registered in the Index rose just a touch under 30% from January 2000 to February 2015. In other words, when you leave out the statistical “bubble” phenomenon, residential real estate prices have risen at an annual 1.7% rate. That’s real appreciation, adjusted for inflation.
San Diego homeowners whose anxiety levels went up and down with the extreme price roller coaster would have been a lot more relaxed had they just snoozed through the whole ride, knowing that the long-term history of real estate.
When you are ready to take the temperature of the local residential market, I hope you will give me the first call. I’ll be happy to share the latest up-to-the-minute information on San Diego real estate prices and activity that will put everything into meaningful perspective!
Melania Mirzakhanian, Broker
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