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Tom York on Business: San Diego Home Buyers Get Scant Relief from Bidding Wars
A house for sale in Point Loma in September. Photo by Chris Stone Residential real estate services provider Redfin says 60{3e92bdb61ecc35f2999ee2a63f1e687c788772421b16b0136989bbb6b4e89b73} of offers written by its agents nationally faced competition—similar to the number in September but down from the feverish COVID-19 pandemic peak of 74.5{3e92bdb61ecc35f2999ee2a63f1e687c788772421b16b0136989bbb6b4e89b73} in April. But the ease-up hasn’t hit markets here in the West, including San Diego. Salt Lake City had the highest bidding-war rate of the 42 U.S. metropolitan areas in this analysis, with 79.5{3e92bdb61ecc35f2999ee2a63f1e687c788772421b16b0136989bbb6b4e89b73} of offers written by Redfin agents facing competition. Next came Sacramento, CA at 77.1{3e92bdb61ecc35f2999ee2a63f1e687c788772421b16b0136989bbb6b4e89b73} and Indianapolis at 74.1{3e92bdb61ecc35f2999ee2a63f1e687c788772421b16b0136989bbb6b4e89b73}. San Diego and the Bay Area rounded out the top five, with rates of 72.1{3e92bdb61ecc35f2999ee2a63f1e687c788772421b16b0136989bbb6b4e89b73} and 69.5{3e92bdb61ecc35f2999ee2a63f1e687c788772421b16b0136989bbb6b4e89b73}, respectively.…
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Tom York on Business: Buying a Home in San Diego Got a Bit Easier This Summer
A renovated home for sale in Point Loma. Photo by Chris Jennewein It got a little easier to purchase a home in San Diego this summer, according to a third quarter survey undertaken by the California Association of Realtors, the trade group of residential real estate brokers and agents. But long-term affordability is slipping, in large part due to the recent dramatic run-up in housing prices. Here in Southern California, affordability improved from the previous quarter in San Diego, as well as Los Angeles, Orange and Ventura counties. In San Diego, 23{3e92bdb61ecc35f2999ee2a63f1e687c788772421b16b0136989bbb6b4e89b73} of would-be buyers could afford an average-priced home, an improvement of 1 percentage point from the previous quarter. But…
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