Archives for December 2020

Home prices & sales are rising across the Southern California housing market and San Diego is no exception. The fallout from the pandemic led to a slump in sales in the spring and early summer buying season. But that has now led to a pent-up demand causing unusual sales growth in the winter season. The Southern California median sales price hit an all-time high in September, then declined slightly in October and November.

According to a recent report released by C.A.R., the median price stayed at $657,820 in November, which is a gain of 14.4% over last year and 0% over October. Home sales were up 19.1% over last year but down 13.9% from the previous month. It looks consistent as a seasonal trend when prices and sales tend to dip from October to December. The San Diego housing market is still a hot seller’s market with a positive forecast for 2021. Home price gains have started to slow down, but it is unknown if it will be a long-term trend.

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This article has been updated to reflect the most common housing indicators and trends in the San Francisco Bay Area housing market. Motivated home buyers drove prices and sales up in November in a tight housing market. These trends are defying the usual slowdown that hits the real estate market in this season. However, regionally, almost all the counties did see a drop in sales as compared to October — the beginning of the slowdown of sales for the next few months.

Although year-over-year sales growth has rebounded in all nine counties the sales are expected to slow down by a great extent in the coming months until the Spring of 2021, which is going to be the peak buying season. One big indicator of that is a drop in pending sales month-to-month. Pending sales in the California housing market (overall) have dropped by double-digits (18.2% MTM) for the first time in seven months, according to the California Association of Realtors.

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Despite high unemployment and rising restrictions due to COVID-19, the California housing market remains very competitive as homes are selling quickly with a minimal price reduction. The statewide sales-price-to-list-price ratio was 100.5 percent in November 2020 and 98.4 percent in November 2019.

The California real estate market showed the highest level of home sales in November in nearly 15 years, according to the California Association of Realtors (C.A.R.). The home sales broke the 500,000 sales benchmark for the first time since January 2009 and reaching the highest level in 15 years.

Existing, single-family home sales totaled 508,820 in November on a seasonally adjusted annualized rate, up 5.0 percent from October and up 26.3 percent from November 2019. In addition to strong closed sales in November, pending sales also remained above 2019 levels by double digits. Despite a minor month-on-month sales decline in October, the consistent V-shaped recovery points to the housing strength for several more months.

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