San Diego Housing Market Forecast For 2015

With more available homes now on the market for sale, San Diego’s housing market is now seeing much fewer investors. There is now a return to traditional home buyers, as home sales rise modestly and prices stabilize in 2015, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2015 California Housing Market Forecast.”

2015 Housing Market Forecast San DiegoThe annual C.A.R. forecast sees an increase in existing home sales of 5.8% in 2015, reaching 402,500 units. This is up from the projected 2014 sales figure of 380,500 homes sold.  Sales in 2014 were down 8.2% from the 414,300 single-family homes sold in 2013.

Strict lending standards and double-digit home price increases over the past two years have significantly impacted home affordability in San Diego. This has forced many home buyers to delay purchasing. Next year, home price gains should stabilize; allowing would-be buyers who have been saving for a down payment to be in a better position to make a home purchase. In addition, there are many loan programs available that don’t require the standard 20% down.

The average for 30-year fixed mortgage interest rates will rise only slightly to 4.5%, which is still at historically low levels.

The California median home price is forecasted to increase 5.2% to $478,700 in 2015, following a projected 11.8%increase in 2014 to $455,000.  This is the slowest rate of price appreciation in 4 years.

 

2015 CALIFORNIA HOUSING FORECAST

2011 2012 2013 2014p 2015f
SFH Resales (000s) 422.6 439.8 414.3 380.5 402.5
% Change 1.4% 4.1% -5.8% -8.2% 5.8%
Median Price ($000s) $286.0 $319.3 $407.2 $455.0 $478.7
% Change -6.2% 11.6% 27.5% 11.8% 5.2%
Housing Affordability Index 53% 51% 36% 30% 27%
30-Yr FRM 4.5% 3.7% 4.0% 4.3% 4.5%

p = projected
f = forecast

 

For more information on this topic:

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