San Diego Real Estate Market Update Mid 2012
San Diego Real Estate Market Update Mid 2012
We have reached the middle of 2012 and we are looking back at where our market has come and where is it now.
There are a number of economic reports that we will cover in this report, mostly because it takes a few to establish that the fundamentals are present for a market shift. We believe from our experience that the market has shifted and in a positive way.
We analyze detached home sales in San Diego County according to the San Diego Association of Realtors. Year over year, as of July 2012, we have now experienced 12 months straight of positive gains in home sales as measured from the same month the year prior. For instance, July of 2012 detached home sales were up 16.7% from July of 2011. This does not mean that our market cannot shift again, but home sales are looking good so far.
We examine the leading economic indicators for San Diego as published by Alan Gin, professor with University of San Diego. This report takes into account building permits, initial jobless claims, stock prices, consumer confidence, help wanted advertising and the national economy. This index registered a recent high reading of 144.2 in March of 2006 and a recent low of 100.7 in March of 2009 registered a reading of 121.7 for July 2012.
We study the San Diego MSA unemployment rate, according to the State of California Employment Development Department, that stands at 9.2% for the month of July down from 10.5% this time last year and dropping much faster than the California or National Unemployment Rates.
Finally, according to Alan Gin, our median home price in San Diego County is "...reaching a four year high according to Dataquick".
When we take into account all of the above information and where they are all trending, we can comfortably say that our market has shifted toward a recovery, but we are not out of the woods yet! Stay tuned and we will keep you informed!
As always, thanks for listening!
Be sure to tune in to AM 1700 today and join me from noon to 1pm on the Mr Credit Radio Show!
Comments(0)