The San Diego Real Estate Market Grows as the Increase in New Home Permits Shows
Jun 25th, 2010 by Kathleen Behrens
Houses for Sale in San Diego – The San Diego real estate market ranked number one in California last month for growth in the construction of new homes. During May, 435 building permits were issued to build new houses in San Diego according to the Construction Industry Research Board. The majority of the permits, nearly 60 percent, were issued to build multi-family homes in San Diego. Approximately 40 percent of the permits were issued for the construction of single family homes in San Diego.
The percentage of growth for the number of new permits issued to build homes in San Diego has increased 35.9 percent since April. From May 2009, the number of permits issued to construct new homes in San Diego rose 96.8 percent. The growth of new home construction in the San Diego real estate market has been attributed to factors such job growth and timing.
Camp Pendleton has had a positive impact on the San Diego real estate market due to providing job growth for the San Diego region. Increased job opportunities at Camp Pendleton have provided more demand for homes in San Diego County. As the population of San Diego continues to grow, we will see increased demand for new homes in San Diego.
San Diego homebuyers who purchase new homes for sale in San Diego can save up to $10,000 with the California new home credit. The tax credit program has $100 million designated specifically for homebuyers who purchase newly constructed homes in California. Homebuyers can submit a request to reserve their credit as soon as they have entered into an enforceable contract for the purchase of a new home. Although requesting a reservation is not required, this is a vital step because the funds are available to homebuyers on a first come, first-served basis until the $100 million in funds has been exhausted. According to the California Tax Franchise Board, as of June 22nd, they have received 2,250 reservation requests and 4,180 applications from homebuyers worth an estimated $41,683,000.
With low home prices, record low interest rates, and the $10,000 California new home tax credit, now is an excellent time to enter the San Diego real estate market. Start your search of houses for sale in San Diego today using the San Diego Multiple Listing Service (MLS) on your own, or contact San Diego Realtor and Broker Russ Petrone of Petrone Properties at 858-259-1000 to have a customized search of the houses for sale in San Diego designed for you based upon the specific criteria you require for your San Diego home. With 25 years of experience in the San Diego real estate market, Russ has the knowledge, skills, and experience to help you find the perfect San Diego home.