The national, San Diego, and La Jolla real estate numbers for July and August are out. Two separate sets of stats were released recently, the first being the highly trusted Case-Shiller home price index and the other being CoreLogic’s August Real Estate Data Report for Southern California. Between the two reports, news media were able to identify upward trends in national and local home sales prices over last year’s figures.
National market stats
The New York Times attributed the nationwide rise in home prices in July to buyers vying for homes amidst a reduced supply. The Case-Shiller home price index revealed a five percent increase in home prices across the country in the past year and an eight-year sales high.
In addition to this, new construction sales increased leading to a subtle dip in existing home sales nationwide. The New York Times reported that the housing inventory across the country is presently at 5.2 months, which is slightly less than the six months that properly balances the market.
August signaled the start of a possible trend with new home sales reaching a seven-year high nationally while existing home sales dipped five percent. The start of the school year and the coming holiday season could lead to a slightly slower sales momentum, but doesn’t factor into the new construction trend.
San Diego market stats
The San Diego Union-Tribune attested to similar trends within San Diego real estate to those seen across the United States. Sales transactions were up from August of last year, but dipped slightly from their heights in July. The paper reported that this is common for this time of year. Home prices also dropped by $5,000, but are still 4.5 percent higher than they were in August of 2014.
The article echoed another interesting nationwide trend of newly built homes gaining some of the market share previously held by existing homes and condos.
La Jolla market stats
In addition to this, the article reported that CoreLogic listed La Jolla real estate as one of four markets with median sales prices at or above $1 million. La Jolla real estate is joined on August’s list by Coronado, Del Mar and Rancho Santa Fe real estate markets.
The bottom line
La Jolla homes are seeing steady sales prices at or over $1 million and increased values compared to last year.Dennis DeSouza on