Bob Dylan said it best: “The times they are a-changing.” They certainly are in the construction industry, particularly with regard to skilled labor availability and material costs. Construction projects throughout the country are at an all-time high and volume is expected to remain on an upward trend for the next three years, growing at 0.4% per annum (based on 2009 nominalized dollars, labor and material costs). All of this will play an important role in projects currently under construction, as well as those slated to begin within the year.
The July Housing Market Report from Sandicor is very interesting. Across San Diego, the number of home closings went down 6.5% for Detached homes and 12.5% for Attached homes. The number of homes in escrow went down 1.6% for Detached homes and 2.1% for Attached homes. Inventory increased 6.4% for Detached homes and 24.8% for Attached homes. However, the Median Sales Price was up 6.8% to $657,000 for Detached homes and 6.7% to $432,000 for Attached homes.
A developer is proposing a 72-acre project near Rancho Peñasquitos that aims to become a new model for suburban development in San Diego — a densely built, walkable community with the sense of place you find in more urban areas. People who feel traditional suburbs are isolating and too car-dependent will now have a option other than moving back into San Diego’s more urban areas, developer Gary Levitt said by phone.
"In a way we are really turning the American Dream on its head and saying we want to live closer to our neighbors in an urban environment where you can walk to the coffee shop or grab a beer with your friends without a car," Levitt said. “We are re-evaluating what the suburbs are and what good planning means for these suburbs."
San Diego had the seventh-highest home price increase in the nation in February, said a key real estate index released Tuesday. The region’s home price increased by 7.6 percent in a year, said the S&P CoreLogic Case-Shiller Indices. Seattle had the biggest increase in a year at 12.7 percent.
Other California cities covered by the 20-city index outpaced San Diego. San Francisco was up 10.1 percent in a year and Los Angeles up 8.3 percent. All cities covered in the index experienced gains, which experts attribute to a strong economy and limited home supply.