My graphs are focused on North San Diego County’s coastal region (La Jolla to Carlsbad) and Rich covers the whole county with his data. Get more of his scoop here:
https://www.piggington.com/july_2020_housing_data_inventory_hits_new_low
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
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Prices were up sharply across Southern California as experts pointed to historically low interest rates and a lack of homes on the market as driving forces — despite a global pandemic and high unemployment.
Rich Toscano, a partner at San Diego financial firm Pacific Capital Associates, said it is hard to imagine a better scenario for rising home prices: People don’t want to put properties on the market because it could risk bringing COVID-19 into their houses, which has made listings even more scarce. Borrowing costs are low. And buyers are seeing increased value in homeownership as they are stuck working from home.
“For now, everything is going in the housing market’s favor,” he said.
Toscano began warning of a bubble on on his housing blog Professor Piggington’s Econo-Almanac in 2004, before the housing crash in 2006. He said the market right now is not a bubble and, for the most part, buyers and sellers are acting rationally. However, he did say the factors pushing up prices are temporary and could change as the year goes on.