Monthly Market Overview North San Diego County October 2019

In October, mortgage rates increased slightly from the three-year lows seen in September. While the Federal Reserve reduced the federal-funds target rate by .25%, this decline was widely expected and largely factored into mortgage rates already, which are still approximately 1% lower than this time last year. Fannie Mae is predicting that continued low rates, and possibly lower rates, are expected in 2020.

  • Closed Sales increased 0.2 percent for Detached homes but decreased 5.1 percent for Attached homes.
  • Pending Sales increased 12.2 percent for Detached homes but decreased 4.1 percent for Attached homes.
  • The Median Sales Price was up 4.1 percent to $733,889 for Detached homes and 2.9 percent to $473,500 for Attached homes.
  • Days on Market decreased 2.6 percent for Detached homes but increased 3.2 percent for Attached homes.
  • Supply decreased 27.3 percent for Detached homes and 4.3 percent for Attached homes.

As we begin the slower time of year for home sales, historically low mortgage rates will continue to support buyer demand and may create additional lift to home prices as excellent affordability gives buyers the ability to offer more to secure their dream home. Throughout much of the country, the continued low level of housing inventory also continues to constrain sales activity from where it would likely be in a balanced market.

San Diego North County Monthly Housing Market Indicators October 2019. Listings, Sales, Days on Market and more.

Oct-19-Monthly

Veterans Day

Veterans Day is an official United States public holiday, observed annually on November 11, that honors military veterans, that is, persons who served in the United States Armed Forces. It coincides with other holidays, including  Armistice Day and  Remembrance Day, celebrated in other countries that mark the anniversary of the end of  World War I; major hostilities of World War I were formally ended at the 11th hour of the 11th day of the 11th month of 1918, when the Armistice with Germany went into effect. The United States previously observed Armistice Day. The U.S. holiday was renamed Veterans Day in 1954.

Veterans Day is not to be confused with Memorial Day; Veterans Day celebrates the service of all U.S. military veterans, while Memorial Day honors those who  died while in military service.

Daylight Savings Ends Tonight

Daylight saving time (DST) or summer time is the practice of advancing clocks during summer months by one hour so that in the evening daylight is experienced an hour longer, while sacrificing normal sunrise times. Typically, regions with summer time adjust clocks forward one hour close to the start of spring and adjust them backward in the autumn to standard time.

New Zealander George Hudson proposed the modern idea of daylight saving 1895. Germany and Austria-Hungary organized the first nationwide implementation, starting on 30 April 1916. Many countries have used it at various times since then, particularly since the energy crisis of the 1970s.

The practice has received both advocacy and criticism. Putting clocks forward benefits retailing, sports, and other activities that exploit sunlight after working hours, but can cause problems for evening entertainment and for other activities tied to sunlight, such as farming. Although some early proponents of DST aimed to reduce evening use of incandescent lighting, which used to be a primary use of electricity,  modern heating and cooling usage patterns differ greatly and research about how DST affects energy use is limited or contradictory.

Happy Halloween

Halloween, or Hallowe’en a contraction of All  Hallows’ Evening), also known as Allhalloween,  All Hallows’ Eve,  or All Saints’ Eve, is a celebration  observed in a number of countries  on 31 October, the eve of the Western Christian feast of All Hallows’ Day. It begins the  three-day observance  of  Allhallowtide, the time in the  liturgical year  dedicated to remembering the dead, including  saints  (hallows),  martyrs, and all the faithful departed.

According BBC Online, it is “widely believed” that many Halloween traditions originated from the ancient  Celtic  harvest festival  Samhain, and that this Gaelic  observance was  Christianized  by the  early Church. Samhain and other such festivals may have also had pagan roots. Some, however, support the view that Halloween began independently of Samhain and has Christian roots.

Halloween activities include trick-or-treating  (or the related guising), attending  Halloween costume  parties, decorating, carving  pumpkins  into  jack-o’-lanterns, lighting  bonfiresapple bobbing  and  divination games, playing  pranks, visiting  haunted attractions, telling scary stories and watching horror films. In many parts of the world, the Christian religious observances of All Hallows’ Eve, including attending church services and lighting candles on the graves of the dead, remain popular,  although elsewhere it is a more commercial and secular celebration.  Some Christians historically abstained from meat on All Hallows’ Eve, a tradition reflected in the eating of certain foods on this  vigil  day, including apples,  colcannonpotato pancakes  and  soul cakes.

Household appliance life expectancy

As much as we don’t like to think about it, household appliances need to be upgraded at some point. Most warranties offer an easy solution to this problem, but it isn’t always so simple. Regular maintenance while planning for replacements can help extend the life of your appliances and prevent financial and emotional shock when they break down.

Air conditioner: Good-quality central air conditioners can last up to 20 years, with many replacement parts readily available.

  • Filter cleaning or replacement improves efficiency and protects the health of the evaporator coil. The coil should be cleaned once a year.
  • Problems may also arise from incorrect installation resulting in leaky ducts and low airflow. Consult an HVAC professional to ensure your AC is functioning properly.

Dishwasher: Dishwashers usually last no more than 10 years.

  • Pay attention to lime buildup — use a lime descaler once a year to extend the life of your appliance.
  • Clean your dishwasher’s filter every six months to greatly improve its cleaning ability.

Refrigerator: Refrigerators need to be replaced about every 15 years.

  • Clean dusty condenser coils twice a year to improve performance and extend the life of your refrigerator.
  • Clean door gaskets to ensure a tight seal and prevent stress to the refrigerator’s motor — gasket repairs can be costly.

Washer/Dryer: At an average of one load per day, all newer model washing machines and dryers can last up to 14 years.

  • Avoid overloading your washer to reduce the strain placed on its moving parts and extend its life.
  • Clean the lint screen on your dryer after every load to improve circulation and eliminate fire hazards — use the long nozzle on vacuum to clean lint missed by the screen.
  • Clean the dryer vent ducting once a year so it flows cleanly.

Water heater: Depending on the type of water heater in your home (standard storage, tankless, heat pump or solar) it can last anywhere from 10 to 20 years.

  • Water heaters are subject to rust and mineral buildup. Flushing sediment from the tank and checking the anode rods once a year will help improve efficiency and longevity. Replacing the anode rods when needed can save you hundreds of dollars.
  • Experts recommend repairing rather than replacing your water heater up until 10 years of use. When problems become more complicated after that, it’s time to consider upgrading.