It’s that time of year again, 2018 San Diego California Housing Market Forecasts are popping up online.
America’s Finest City – San Diego, right now, the housing market is hot. So far, this year (year-to-date 10-2017), the median sale price of a home in San Diego County rose 8.1 percent compared to 2016 YTD (year-to-date). The median price of a home is expected to rise 7.2 percent increase this year in California. Low affordability has started to become a recent topic of conversation and is definitely worth watching. But with a healthy economy, level of demand and national unemployment rate, sellers are going to be hard-pressed to lower prices.
From Real Estate experts to Bubble Pundits, what are they saying about the 2018 San Diego California Housing Market Forecast???
(Note: This information was taken on 11/8/2017. Some organizations will update their information frequently).
2018 San Diego California Housing Market Forecast – What will the housing market look like in 2018?
California Association of Realtors (Last year’s prediction: 4.3 percent increase in 2017)
The California Association of Realtors forecast California home prices will increase an additional 4.2 percent in 2018, rising to $561,020. Leslie Appleton-Young, chief economist for the organization, said that California’s five-year run of rising home prices is expected to last another three to five years, with median house prices on track to beat the record highs set during the housing bubble. CAR also expects mortgage interest rates to rise slightly next year, but not enough to deter homebuyers. Rates for traditional 30-year, fixed mortgages are forecast to rise to 4.3 percent in 2018. That’s still low compared with historical averages but up from 4 percent this year and 3.6 percent in 2016.
See the source
FirstTuesday Journal (Last year’s prediction: Prices will descend 9-12 months later, likely in late-2017.)
Both in 2015 and 2016 FirstTuesay Journal predicted San Diego housing price would go down in following year. As of today, there are no 2018 San Diego California Housing Market Forecast from them. However, they have really good informationhere.
Zillow (Last year’s prediction: Zillow predicts they will rise 1.9% within the next year)
The median home value in San Diego County is $553,900. San Diego County home values have gone up 6.5% over the past year and Zillow predicts they will rise 2.9% within the next year.
CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released its CoreLogic Home Price Index (HPI™) and HPI Forecast™ for September 2017, which shows home prices are up strongly both year over year and month over month. Home prices nationally increased year over year by 7 percent from September 2016 to September 2017 and on a month-over-month basis, home prices increased by 0.9 percent in September 2017 compared with August 2017,* according to the CoreLogic HPI.
Freddie Mac, Fannie Mae, and The Mortgage Bankers Association are all projecting that home sales will increase in 2018. Here is a chart showing what each entity is projecting in sales for the remainder of this year and the next. See the source
Is it a good time to buy or sell property in San Diego next year?
Nobody knows how the San Diego housing market is going to be in 2018 and nobody can time the market. But the value of the Real Estate will always go up over time.
In our The Millionaire Investor Seminar, we talked about “Five Investing Myths”. One of the myths is “successful investors are able to time the market”. But the truth is, in successful investing, the timing finds you. So the question is “When will the timing find you?”.
What do you think? Will the median home value in San Diego go up in 2018?