(San Diego, CA?October 25, 2012) The worst is probably behind us as we begin to see some price appreciation and limited supply of resale homes, according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.
The San Diego County economic expansion continues to gain traction with positive job growth year over year of 28,000 jobs thru September 2012. ?The California wide expansion of the tech/communications industry appears to be on solid footing,? said Steve Johnson, director of Metrostudy?s Southern California Region. With the unemployment rate at 7.1 % San Diego County is better off than the Southern California region at 9.6 %, or the State with an unemployment rate of 9.7 % and the nation with an unemployment rate of 7.6 %.
?Starts and Closings for the San Diego/Imperial housing market have turned the corner in 3Q2012? said Johnson. Starts for 3Q12 were 631 down less than 1 % from 2Q12 and up 80 % from 3Q11. The Annual Starts rate was 2,670 units up 44 % compared to the 12 months ending September 2011. Closings for 3Q12 increased less than 1 % from 2Q12 with 638 homes closed and up 18 % over 3Q11 Annual Closings totaled 2,529 new homes a increase of 11 percent when, compared with 2,278 new homes closed thru the four quarters ending in September 2011.
New home inventory for the San Diego market totaled 2,324 units at the end of 3Q12 remaining virtually flat over 2Q12 to an 11.6 MOS. Finished Vacant Inventory in the San Diego/Imperial market increased less than 1 % compared to 2Q12 and included 807 homes representing 34 % of the total inventory (UC/FV/MOD). ?Historically finished Vacant totaled 18% to 24% of total inventory,? said Johnson. VDL inventory there are now 1,889 attached and 3,716 detached Vacant Developed Lots in San Diego/Imperial representing a combined 25.2 MOS.
?The worst is probably behind us as we begin to see some price appreciation and limited supply of resale homes. We have even heard of multiple bids coming in on listings. These recoveries do take a long and winding path. Stability in Jumbo loans is important as it helps move up buyers become confidant that if they list their house they can actually buy a replacement house.,? said Johnson.
For information contact:
steve johnson @ 951.848.3100
email sjohnson@metrostudy.com
About Metrostudy
Metrostudy is the leading provider of primary and secondary market information to the housing industry and related industries nationwide. In addition to providing its own primary housing data collected by a staff of 650, the company is recognized for its consulting expertise on development, marketing and economic issues, and is a key source of research studies evaluating the marketability of residential and commercial real estate projects. Services are offered through an extensive network of offices located in major metropolitan areas throughout the U.S. For more information, visit www.metrostudy.com
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