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La Mesa identifies areas for future housing
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Rezoning not required to produce needed affordable housing : Larchmont Chronicle
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Another month, another record for San Diego County home prices.
Driven by persistent shortages of homes for sale coupled with low mortgage rates luring more buyers into the market the median home price in the region rose to a record $750,000 in June, according to data released Tuesday from CoreLogic/DQNews.
That’s up from the previous record of $725,000, which was set in May. A year ago, the median price the point where half of all homes sold for more and half sold for less was $600,500.
“As soon as anything comes on the market, right way within 48 hours, you start getting offers, usually multiple offers that go into overbid,” said Cindy Waasdorp, a real estate agent with Berkshire Hathaway who has been selling in North County for more than three decades. “I don’t see it slowing down until we get inventory. There is just such high demand.”
$45,000 over the asking price? No wonder San Diego s median home price hits another record high in June
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At a study session Tuesday, the Newport Beach City Council got another look at the draft for the housing element, a comprehensive document that details housing plans and policies within city borders, before it’s submitted to the state in a month.
Local jurisdictions are required to update the housing element every five to eight years. The update is supposed to be adopted by mid-October, but the state provides a grace period of 120 days.
Current scheduling suggests that the housing element update will be adopted some time in January, according to the presentation.
The initial draft was introduced to city council members in April and has since undergone several revisions. Tuesday’s presentation was the third time it was presented to the City Council.