San Diego Housing Market News and Analysis
~Welcome to the Econo-Almanac~
I started this website in mid-2004 to chronicle San Diego’s spectacular housing bubble. The purpose of the site remains, as ever, to provide objective and evidence-based analysis of the San Diego housing market. A quick guide to the site follows:
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Submitted by Rich Toscano on July 16, 2016 - 2:27pm
Home prices continued their general uptrend last month. The monthly graph of median price/square foot is a bit noisy...
Submitted by Rich Toscano on May 17, 2016 - 9:25pm
After a little dip in February, San Diego home prices* experienced a sizable pop in March and April.
Submitted by Rich Toscano on March 15, 2016 - 9:09pm
Supply is still tight out there, with February's months of active inventory lower than either of the past two years:
Submitted by Rich Toscano on January 9, 2016 - 8:52am
December is always an unusual month in that closed sales typically increase (presumably people trying to jam the deal through before year-end), while pendings sales drop (presumably due to holiday disruption):
Submitted by Rich Toscano on November 22, 2015 - 3:16pm
Prices have flattened out over the past few months, as might be expected during this time of year. This is most easily seen in the Case Shiller proxy, which uses a 3 month average:
Submitted by Rich Toscano on September 10, 2015 - 9:19am
While the scarcity of inventory has eased a bit, supply is still pretty tight in the grand scheme of things. Prices have accordingly continued to be pressured upwards, with the price per square foot experiencing a 2% pop last month. Here are the MoM and YoY stats...
...and here is the single graph that I think best sums up the state of things (showing as it does the relationship between months of inventory and price changes, as well as recent trends in both those things):
Submitted by Rich Toscano on July 26, 2015 - 2:54pm
Once again, the traditional "Shambling Towards Affordability" title for this series proves inapt. The market does have a bit of a shamble to its step, but the direction in which it lumbers is distinctly un-affordable. (In price terms, anyway... low rates do ease the sting, but that's a separate topic to be addressed below).
While valuations have crept up a bit over the past year, the big picture hasn't changed much: home prices are significantly higher, when compared with local rents and incomes, than they typically have been over the almost 4-decade history of the data:
Submitted by Rich Toscano on July 15, 2015 - 2:50pm
The local housing market was looking strong as of last month. Prices continued to creep higher, sales were robust, and inventory, while slightly higher, failed to outpace the increase in demand.
Months of inventory is not as low as it was during the 2013 feeding frenzy, but it's just about the lowest since -- if that doesn't change, we can expect further upward price pressure immediately ahead.
Submitted by Rich Toscano on June 16, 2015 - 6:07pm
Hi all. Not much has changed from last month's update, so I'm just going to do a chart dump and dispense with the words. Starting now.
Submitted by Rich Toscano on May 20, 2015 - 4:46pm
The market's been pretty hot, by which I mean, demand seems to be outstripping supply. I base this statement on the below chart, which shows that while months of inventory is higher than it was during the spring 2013 feeding frenzy, it is lower than this time last year:
...and, it's among the lowest we've seen recently outside said feeding frenzy:
Submitted by Rich Toscano on March 22, 2015 - 5:44pm
As of January, there was a big divergence between pending and closed sales: closed sales were very weak (even considering the seasonality), but pendings were strong. This gap narrowed substantially in February as closed sales made a big catch up move. Check it out in the graph below... closed sales were unusually low in January, but a lot closer to recent years (albeit still somewhat low) in February.
Submitted by Rich Toscano on February 7, 2015 - 2:53pm
Sorry Piggs, I didn't get around to posting the December numbers. But let us not dwell on the past*, and instead soldier on to the January numbers.
*Though if you really want to, the December data is all in the charts below.
Submitted by Rich Toscano on December 21, 2014 - 3:20pm
Hi everyone -- I'm going to keep it brief and just do a graph-only version this month. Happy holidays to all!
Submitted by Rich Toscano on November 28, 2014 - 5:50pm
Better late than never (but in my defense it was another uneventful month):
Submitted by Rich Toscano on October 12, 2014 - 4:17pm
Here's the big picture -- not a lot of movement last month:
Drilling down to some individual graphs, the price per square foot continued in its meandering ways:
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