California REALTOR® optimism about the housing market remains high as California consumers remain relatively bullish on selling and, despite a highly competitive market environment, relatively undaunted on buying as well. This is due in large part to a gradually improving picture of California’s pandemic numbers and the corresponding growth in the broader economic indicators in the state. However, the prospect of rising rates is creating more urgency for would-be buyers, which is pushing prices up and affordability down relatively.
California Housing Market Continues to Grow in First Week of May: Based upon the first week of sales in May and more complete reporting on closed sales in April, California should see an acceleration in the market for last month. Every week of April recorded a 40%+ increase from the same point in 2020. In addition, this momentum appears to have carried forward into the first month of May, which was 52.5% above the first week of May last year. REALTOR® optimism in our weekly survey was also amongst the highest we’ve measured since the onset of the crisis.
Public Health Numbers Remain Encouraging: The number of new coronavirus cases did not drop dramatically last week, but the 7-day average for new coronavirus cases remained below 2,000 for much of the week. The raw volume of new COVID-19 cases did rise above 2,000 for two days last week, and more than 100 deaths were recorded over the past two days, but overall, California’s public health numbers continue to improve.
Forbearance Numbers Continue to Improve: Less than 4.5% of all mortgages are currently in forbearance according to the latest weekly data from the Mortgage Bankers Association. That is down slightly from the week before and almost half the forbearance rate from its peak in June 2020. Encouragingly, only 15% of those homeowners who have gotten out of forbearance have no plan in place, while the remaining 85% have either never missed a payment (25%), already paid back in a lump sum (14%), added the missed payments to the end of the loan (27%), modified their loan to make it more affordable (10%), amortized the missed payments in over a period of time (1%), or paid off their entire loan in full (7%). These are encouraging statistics from the standpoint of future foreclosures.
Mortgage Applications Ease from Previous Highs: Last week saw the 49th consecutive increase in new mortgage applications for home purchases on a year to year basis, but the pace of growth dipped from more than 50% to “just” 34% last week. However, on a weekly basis, the purchase index has been falling from its cycle-high of the previous week. Demand remains strong, and C.A.R.’s monthly consumer survey showed that the percentage who thought it was a good time to buy in April remain undaunted thus far.
Rates Hold Steady Just Under 3%: The typical rate for a 30-year fixed-rate mortgage inched up to 2.98%—a modest rise from 2.97% the previous week. However, 10-year Treasury rates increased for the first time since March, so we should expect mortgage rates to rise in coming weeks. Normalizing inflation as the economy recovers will likely cause treasury rates to rise, but with unemployment remaining stubbornly high, core inflation is not expected to take off over in the short run.
Affordability an Even Tougher Challenge with Rising Rates: Although housing demand remains robust, the chronic lack of supply and consequent competition amongst homebuyers is pushing prices up much more quickly than incomes. Although several rounds of stimulus have helped to fend of significant declines in personal income, prices are rising much more quickly leaving many Californians even more challenged by affordability. This will become even more acute as interest rates rise, because it magnifies the budget effect of rising prices. Unfortunately, the prospect of rising rates could be creating an additional sense of urgency for buyers, which is pushing up prices even faster.
Search Results: 2,941 Properties
Sold Price
Last 3 mo.
Median
$850,566
Sale Price
Today
Median
$977,077
Days on Market
Last 3 mo.
Average
59
12176 Rancho Bernardo Rd B San Diego 92128
New Listing
$590,000
Bedrooms: 2
Baths: 2
Sqft: 1,091
Broker: Billionaires Row
MLS: #230023267SD
6145 Samuel St La Mesa 91942
For Sale
$870,000
Bedrooms: 3
Baths: 2
Sqft: 1,248
Broker: Coldwell Banker Realty
MLS: #NDP2309034
11243 Carmel Creek Road San Diego 92130
For Sale
$1,395,999
Bedrooms: 2
Baths: 3
Sqft: 1,410
Broker: Fathom Realty Group, Inc
MLS: #NDP2309074
4053 Lonnie Street Oceanside 92056
For Sale
$648,000
Bedrooms: 3
Baths: 2
Sqft: 1,080
Broker: CR Properties Real Estate
MLS: #NDP2308852
5034 Los Morros Way 62 Oceanside 92057
For Sale
$450,000
Bedrooms: 2
Baths: 2
Sqft: 900
Broker: Signature Properties
MLS: #NDP2308964
10487 Paseo De Linda San Diego 92127
For Sale
$1,295,000
Bedrooms: 4
Baths: 3
Sqft: 2,112
Broker: The Avenue Home Collective
MLS: #230023142SD
4527 Copeland Avenue San Diego 92116
New Listing
$1,349,900
Bedrooms: 3
Baths: 2
Sqft: 1,259
Broker: eXp Realty of California, Inc.
MLS: #SW23219280
35350 White Camarillo Lane Fallbrook 92028
New Listing
$670,000
Bedrooms: 3
Baths: 3
Sqft: 1,579
Broker: Mogul Real Estate
MLS: #SW23217356
1506 Wingwood Lane Vista 92083
For Sale
$849,585
Bedrooms: 3
Baths: 3
Sqft: 1,877
Broker: BMC REALTY ADVISORS
MLS: #CV23163071
35128 Citron Lane Fallbrook 92028
For Sale
$949,900
Bedrooms: 3
Baths: 2
Sqft: 1,814
Broker: Mogul Real Estate
MLS: #SW23213749
1013 Turnstone Way Oceanside 92057
For Sale
$424,900
Bedrooms: 2
Baths: 2
Sqft: 1,050
Broker: RE/MAX MASTERS REALTY
MLS: #CV23184923
2045 Campo Verde Court Escondido 92026
For Sale
$1,299,000
Bedrooms: 5
Baths: 4
Sqft: 3,606
Broker: CalTerra Partners
MLS: #PW23204769
8417 Macawa Avenue San Diego 92123
For Sale
$830,000
Bedrooms: 3
Baths: 1
Sqft: 900
Broker: Golden Feather Investments, Inc
MLS: #DW23209418
2971 Burnet Drive Escondido 92027
For Sale
$1,099,900
Bedrooms: 5
Baths: 4
Sqft: 3,574
Broker: HPT Realty
MLS: #PW23210127
3573 Conner Way Oceanside 92056
For Sale
$855,000
Bedrooms: 3
Baths: 4
Sqft: 2,311
Broker: Allison James Estates & Homes
MLS: #SW23217173
2971 Rue De Latour Bonsall 92003
For Sale
$1,131,575
Bedrooms: 4
Baths: 4
Sqft: 2,842
Broker: Strategic Sales & Mkt. Grp.Inc
MLS: #PW23173883
6858 Claremore Avenue San Diego 92120
New Listing
$2,250,000
Bedrooms: 5
Baths: 4
Sqft: 3,400
Broker: Acropolis Enterprise
MLS: #PTP2305908
5425 Chollas Station Road San Diego 92105
For Sale
$979,000
Bedrooms: 5
Baths: 3
Sqft: 1,995
Broker: Fathom Realty Group, Inc.
MLS: #V1-21068
6027 Charae St San Diego 92122
New Listing
$1,799,000
Bedrooms: 5
Baths: 3
Sqft: 2,169
Broker: Big Block Realty, Inc.
MLS: #230023332SD
1159 Dallas Road Fallbrook 92028
For Sale
$1,100,000
Bedrooms: 4
Baths: 3
Sqft: 2,804
Broker: ERA Ranch & Sea Realty
MLS: #NDP2307408
243 Feghali Road Ramona 92065
For Sale
$769,000
Bedrooms: 4
Baths: 4
Sqft: 3,040
Broker: Peter San Nicolas, Broker
MLS: #NDP2309187
300 Corte Nacion Chula Vista 91910
For Sale
$890,000
Bedrooms: 5
Baths: 3
Sqft: 2,141
Broker: Coldwell Banker West
MLS: #PTP2305670
1605 Plum St. San Diego 92106
For Sale
$5,699,000
Bedrooms: 5
Baths: 7
Sqft: 7,165
Broker: Keller Williams Realty
MLS: #230015717SD
1140 Del Mar Ave Chula Vista 91911
For Sale
$699,000
Bedrooms: 3
Baths: 2
Sqft: 1,317
Broker: Compass
MLS: #230023198SD