With the property tax hike for 2014 predicted to be “tiny” because of low inflation, that means a 0.45 percent increase, the county assessor said. It appears to me that this is a very conservative postulate. This is actually a good thing, because everyone’s tax bill will remain below increasing values.
Inventory continues to be low, with 6,228 active listings last December 2013, which is down about 620 from November, but up from the 4,636 listed in December 2012. That said, inventory or supply will remain low, the economy is improving and those who lost homes in recent years may re-enter the real estate market. Even though the average 30-year-fixed interest rate was about 4.51 percent recently, up from 3.4 percent a year earlier (as Freddie Mac reports), it appears to me that the state of the San Diego real estate market is extremely healthy and will continue to soar.
New construction home sales are at an all-time high of $699K, smashing the $553,500 record in February 2008.
This is the time to make your decision to downsize or upgrade to another home. The selling and buying season is ready to begin full steam — Start Your Engines!!
• California median home price in November 2013: $422,210
• Calif. highest median home price by region/county in November 2013: Marin, $942,070
• Calif. lowest median home price by region/county in November 2013: Del Norte, $135,000
Calif. Pending Home Sales Index for November 2013: Decreased 13.6 percent from 108.6 in October to 93.8 in November.
Calif. Traditional Housing Affordability Index for the Third Quarter 2013: 32 percent (Source: C.A.R.)
Mortgage rates: Week ending 1/9/2014 (Source: Freddie Mac)
•30-yr. fixed: 4.51% fees/points: 0.7%
•15-yr. fixed: 3.56% fees/points: 0.6%
•1-yr. adjustable: 2.56% Fees/points: 0.5%
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