Veteran’s Day

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Veterans Day is an official United States public holiday, observed annually on November 11, that honors military veterans, that is, persons who served in the United States Armed Forces. It coincides with other holidays, including  Armistice Day and  Remembrance Day, celebrated in other countries that mark the anniversary of the end of  World War I; major hostilities of World War I were formally ended at the 11th hour of the 11th day of the 11th month of 1918, when the Armistice with Germany went into effect. The United States previously observed Armistice Day. The U.S. holiday was renamed Veterans Day in 1954.

Veterans Day is not to be confused with Memorial Day; Veterans Day celebrates the service of all U.S. military veterans, while Memorial Day honors those who  died while in military service.

Home Price Update

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Downward pressure on home values continues.
Home values peaked in the June, July, August time frame, depending on the area.

Average Sold price, Days on Market, Number of Homes Sold, Active Listings on the market and the % of List Price the Seller Received. Along with the month to month change. I have also added in the Year over Year change to value.

Carlsbad:

MonthAvg
Sold $		ChgDOMChgSold
Homes		ChgActive
Listings		Chg% List
Price		YoY Chg
10/22$1,614,000-5%3025%162-14%127-16%94.9%5.0%
09/22$1,703,600-5%2441%188-12%151-11%95.8%14.3%
08/22$1,802,279-1%1742%213-4%1691%98.9%22.4%
07/22$1,821,026-2%1220%223-4%16719%102.8%27.6%
06/22$1,863,6240%100%2334%14037%106.7%29.5%
05/22$1,855,9693%10-17%2236%10236%109.4%26.2%
04/22$1,807,47110%12-20%21012%759%109.5%23.3%
03/22$1,643,4658%15-12%187-6%69-5%107.4%16.1%
02/22$1,516,065-1%176%198-14%73-17%104.4%20.7%
01/22$1,535,059-1%160%231-17%88-15%103.0%30.4%
Continue reading →

Mortgage Rates Dip Under Seven Percent

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Mortgage rates continue to hover around seven percent, as the dynamics of a once-hot housing market have faded considerably. Unsure buyers navigating an unpredictable landscape keeps demand declining while other potential buyers remain sidelined from an affordability standpoint. Yesterday’s interest rate hike by the Federal Reserve will certainly inject additional lead into the heels of the housing market.

All content is subject to change without notice. All content is provided on an “as is” basis, with no warranties of any kind whatsoever. Information from this document may be used with proper attribution. Alteration of this document or its content is strictly prohibited. © 2022 by Freddie Mac.

Prices, DOM & Price Received: Values Have Peaked?

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A look back over the last 12 months.

Average Sold price, Days on Market, Number of Homes Sold, Active Listings on the market and the % of List Price the Seller Received. Along with the month to month change.

As you can see, the interest rate hikes are being felt. Home values peaked in the June, July, August time frame, depending on the area.

The question now, how much of a pull back will there be?

Carlsbad:

MonthAvg
Sold $		ChgDOMChgSold
Homes		ChgActive
Listings		Chg% List
Price
09/22$1,703,600-5%2441%188-12%151-11%95.8%
08/22$1,802,279-1%1742%213-4%1691%98.9%
07/22$1,821,026-2%1220%223-4%16719%102.8%
06/22$1,863,6240%100%2334%14037%106.7%
05/22$1,855,9693%10-17%2236%10236%109.4%
04/22$1,807,47110%12-20%21012%759%109.5%
03/22$1,643,4658%15-12%187-6%69-5%107.4%
02/22$1,516,065-1%176%198-14%73-17%104.4%
01/22$1,535,059-1%160%231-17%88-15%103.0%
12/22$1,547,0571%167%279-9%103-17%102.0%
11/22$1,538,7680%157%308-3%124-13%101.3%
10/22$1,536,5703%148%319-5%142-15%102.0%
09/22$1,490,8401%138%335-3%168-5%103.4%
08/22$1,472,9433%120%345-1%1770%105.5%
07/22$1,427,206-1%12-8%347-5%1776%106.1%
06/22$1,439,564-2%130%3649%1672%106.1%
05/22$1,471,0580%13-7%3349%1632%105.4%
04/22$1,465,9964%14-22%30731%16012%104.0%
03/22$1,415,60213%18-14%235-9%1436%102.2%
02/22$1,255,9897%21-5%258-18%1350%100.2%
01/22$1,177,092 22 314 135 99.7%
Continue reading →

Mortgage Rates Rise for the Sixth Consecutive Week

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The uncertainty and volatility in financial markets is heavily impacting mortgage rates. Our survey indicates that the range of weekly rate quotes for the 30-year fixed-rate mortgage has more than doubled over the last year. This means that for the typical mortgage amount, a borrower who locked-in at the higher end of the range would pay several hundred dollars more than a borrower who locked-in at the lower end of the range. The large dispersion in rates means it has become even more important for homebuyers to shop around with different lenders.

All content is subject to change without notice. All content is provided on an “as is” basis, with no warranties of any kind whatsoever. Information from this document may be used with proper attribution. Alteration of this document or its content is strictly prohibited. © 2022 by Freddie Mac.

Monthly Market Overview North San Diego County August 2022  

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Summer 2022 has been a season of change for the U.S. real estate market. With housing affordability at a 33-year low, existing-home sales have continued to soften nationwide, falling 5.9% month-to-month and 20.9% year over-year as of last measure, according to the National Association of REALTORS® (NAR). Pending home sales have also continued to decline, while new listings have steadily increased, with unsold inventory reaching 3.3 months’ supply at the start of August. The pullback in demand has been
particularly hard on homebuilders, causing new-home sales and construction to slow.

  • Closed Sales decreased 34.2 percent for Detached homes and 27.1 percent for Attached homes.
  • Pending Sales decreased 32.9 percent for Detached homes and 31.3 percent for Attached homes.
  • The Median Sales Price was up 4.8 percent to $985,000 for Detached homes and 15.9 percent to $672,500 for Attached homes.
  • Days on Market increased 60.0 percent for Detached homes and 75.0 percent for Attached homes.
    Supply increased 20.0 percent for Detached homes and 45.5 percent for Attached homes.

Inflation, higher interest rates, and fears of a potential recession have taken a toll on buyers and sellers this summer, leading many people to stay on the sidelines to see what will happen with the market. But some experts, including NAR Chief Economist Lawrence Yun, believe the worst of inflation may be over. Although sales prices remain up from this time last year, price growth is expected to moderate in the months ahead as the market continues to shift in a more buyer-friendly direction.

San Diego North County Monthly Housing Market Indicators August 2022

Use the ‘Pop-Out’ to view report or the link to download.

Monthly-0822

San Marcos: New Restaurant Row owner proposes mixed-use project at site

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SAN MARCOS — The new owner of the Old California Restaurant Row property in San Marcos has applied to develop over 200 housing units and 10,000 square feet of new commercial space on a portion of the site still home to several businesses. 

Located along West San Marcos Boulevard and Via Vera Cruz, Restaurant Row has been a San Marcos pillar since it was founded by developer Jim Eubank in the 1970s, hosting a variety of mom-and-pop as well as chain eateries over the years.  

Many were shocked when the Eubank family sold the land to a company called San Marcos Restaurant Row LLC at the end of 2020, as reported by the San Diego Union-Tribune. Application materials submitted to the city of San Marcos on June 17 identify the new owner as Elizabeth Papera and real estate company Lennar Homes of California as the developer and applicant for the project. 

The submitted plans cover a nearly 11-acre site area in the center of the property, partially bordering West San Marcos Boulevard. Most of the area is currently used for parking but also houses businesses The King & I of San Marcos, Landon’s East Meets West, Old California Mining Company, The 55 Yardline Sports Bar and Grill, and IHOP in two separate buildings. 

City officials do not know whether the developer plans to displace these businesses as part of their project.

“If they are going to be displaced, I don’t know if the developer is going to be working with the existing businesses to find space for them in their plan,” said city spokeswoman Tess Sangster. “[Whether] it is or isn’t his plan, our goal is to be able to have them continue their business. It would be great if we could get them set up at another location in town.” 

Leaders of Lennar’s San Diego division said they are still early in the process for the project but are envisioning a thriving residential and commercial area. 

“Our vision for the area is to create a vibrant and walkable neighborhood with outdoor dining, shops and services, social gathering spaces and new housing,” said Alex Plishner, senior vice president of Lennar’s San Diego division. “Plans are still very early in the application process, but we look forward to hearing feedback from members of the community.”

Read the Rest Here