The median price of a home in the county rose by $5,000 — to $285,000 — in February, the first increase in 10 months, according to this story today in the San Diego Union-Tribune.
That's still nearly one-third lower than the median price of a year ago.
Inventory remained substantial, according to the San Diego Association of Realtors, with nearly 15,000 listings. That's more than four times as many listings as there were about five years ago, when the market was heading for its peak.
It's too soon to draw a conclusion from the rise in median price. Obviously, supply is much larger than demand at this point. The economy — and whether it leads to higher unemployment — and availability of financing are two factors in where we're headed.
Contact Kirk Kenney: 619.920.2195 or kirkkenney@coldwellbanker.com
Tuesday, March 17, 2009
Tuesday, February 24, 2009
Help for first-time home buyers
The American Recovery and Reinvestment Act of 2009 signed by President Obama last week included language that extends the $8,000 first-time buyers credit to homes purchased to Dec. 1 of this year.
First-time buyers are considered anyone who has not owned a home for the past three years.
The home purchased must be owner-occupied.
Another condition is that the buyer must have an adjusted gross income of $75,000 or less if the buyer is single and $150,000 or less for married buyers. Partial credits may be given for some buyers who exceed these limits.
Contact Kirk Kenney: 619.920.2195 or kirkkenney@coldwellbanker.com
First-time buyers are considered anyone who has not owned a home for the past three years.
The home purchased must be owner-occupied.
Another condition is that the buyer must have an adjusted gross income of $75,000 or less if the buyer is single and $150,000 or less for married buyers. Partial credits may be given for some buyers who exceed these limits.
Contact Kirk Kenney: 619.920.2195 or kirkkenney@coldwellbanker.com
Wednesday, February 18, 2009
Obama Unveils Housing Plan
President Obama's Homeowner Affordability and Stability Plan was revealed today.
According to the plan, $75 billion will be made available for up to nine million homeowners at risk of losing their homes and/or providing refinancing options to make their payments more affordable.
The White House put a Q&A about the plan on its blog right here.
It's way too early to know how this will all play out but the initial reaction was favorable.
Contact Kirk Kenney: 619.920.2195 or kirkkenney@coldwellbanker.com
According to the plan, $75 billion will be made available for up to nine million homeowners at risk of losing their homes and/or providing refinancing options to make their payments more affordable.
The White House put a Q&A about the plan on its blog right here.
It's way too early to know how this will all play out but the initial reaction was favorable.
Contact Kirk Kenney: 619.920.2195 or kirkkenney@coldwellbanker.com
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