San Diego Housing Crisis Drives Some To Relocate, Others To Invest

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Behind the numbers is a major housing supply problem.

“Some of the estimates are approximately 35,000 units short in San Diego County,” said Mark Goldman, a real estate instructor at San Diego State University.

“Our population is expanding, our housing supply is already too small and the growth in our housing supply is not fast enough,” Goldman said. “We’re getting further behind every year.”

Low-income and middle-class families are being hit hardest, and impacts of the housing deficit could become increasingly visible as more people are forced to double up, Goldman said.

“More people are seeking fewer units, so the obvious solution is there’s going to be more people per room,” Goldman said. “There’s just not that many places for people to live and have a home.”

Goldman said people in the upper-income bracket are the ones buying homes and sustaining the competitive market, for now.

“People who are buying those homes have incomes that are keeping pace with the rate of increase, more or less,” Goldman said. “So that’s a good thing because that reduces the possibility of another housing crash.”

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San Diego County home prices up 6.2%

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By Phillip Molnar | 1:34 p.m. May 31, 2016

Southern California home prices continued to outpace the national average, and many major cities, said the S&P/Case-Shiller Home Price Index released Tuesday.

Prices nationally, adjusted for seasonal variation, rose 5.2 percent in the 12 months ended in March, with the Pacific Northwest and West seeing the biggest gains.

San Diego County’s median home price increased 6.2 percent , lower than the 6.4 percent increase in February and 6.9 percent in January. Los Angeles and Orange counties were up 6.5 percent, down from 6.8 percent in February and 6.9 percent in January.

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Mark Goldman, finance and real estate lecturer at San Diego State University, said a slower rate of appreciation is a good thing. He said price increases of 3.5 percent to 5 percent are more sustainable.

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Home Prices Skyrocketing, Driving Rent Prices Up in San Diego County

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It’s becoming more difficult to buy a home in San Diego County. NBC 7’s Megan Tevrizian tells us why the market is booming and what is means for first-time home buyers.

Source: http://www.nbcsandiego.com/video/#!/on-air/as-seen-on/Home-Prices-and-Rent-Going-Up-in-San-Diego-County/377520251#ixzz47cCKAtzO
Follow us: @nbcsandiego on Twitter | NBCSanDiego on Facebook

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Home prices up 6.4% since last year

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Article By: Phillip Molnar | 12:49 p.m. April 26, 2016
Source: http://www.sandiegouniontribune.com/news/2016/apr/26/home-price-appreciation-slows/

Home price increases outpaced the national average in San Diego County in February but at a slower pace than usual, said the S&P/Case-Shiller Home Price Index released Tuesday.

“At this point, keep an eye on it. Don’t panic,” he said. “We’re in a good, sustainable range of price appreciation.”

Goldman said the home market could continue to do well for owners if investors decide real estate is a better play than stocks and bonds.

“I think people are more comfortable owning property than securities,” he said, noting the ups and downs of the stock market.

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More moving out than into San Diego County

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Net migration sees bigger drop than in the past.

San Diego County had a tough time keeping its residents — and attracting new ones — last year, according to updated population data being released today by the U.S. Census Bureau.

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Mark Goldman, a loan officer and real-estate lecturer at San Diego State University, said this could have a negative impact on businesses looking to fill positions with recruits from outside the county.

“(Employees) may not be able to enjoy the lifestyle that they could at a different job, even at a lower wage, because housing and the cost of living is so high here,” Goldman said.

However, Goldman said San Diego’s cost of housing and its unusually negative net domestic migration might not be a cause for concern yet, especially when the number is put into context with the county’s total population of nearly 3.3 million.

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