Thom Yorke Talks Business: New report finds San Diego rents are second highest in the country
Residential real estate continues to make headlines in San Diego.
According to a new report from Irvine real estate data collector CoreLogicSan Diego rents are the second highest in the country.
The highest is Los Angeles with a median monthly rental cost of $4,750, followed by San Diego at $4,500.
San Francisco Bay Area rents lag slightly behind those in Southern California, with monthly rental costs in San Jose and San Francisco running at $4,300 and $4,200.
On the other end of the spectrum, larger cities like Cleveland, Oklahoma City, St. Louis, Detroit, and New Orleans have much lower prices and therefore more affordable monthly rental payments.
San Diego was the second-highest city in the country on its rent-to-income metric in 2022, behind Los Angeles and Long Beach.
It took 48.5% of the median household income to afford the median monthly rental price in San Diego, a staggering statistic.
* * *
Meanwhile, in the quarter ended Oct. 31, San Diego was among the top five U.S. cities where home sellers are offering concessions to buyers.
This is according to a new report from the residential real estate web platform Redfin.
San Diego sellers gave buyers some concession in 61% of all deals in those three months.
Salt Lake City sellers led the show when it came to making concessions to sell their homes.
That city gave buyers concessions in 63.3% of home sales, the highest share among major cities analyzed by Redfin.
The top five were as follows: San Diego with 61%, Denver with 57%, Las Vegas with 54%, and Raleigh, North Carolina with 51%.
And the other side of the coin? Sellers in Boston made the fewest concessions, doing so in just 11% of home sales, the lowest share of the metro in the Redfin study.
“House hunters are more difficult than ever. Buying a home today is really expensive, so they want to make sure they find the right home,” a Refin executive said in a press release. “Buyers are becoming increasingly likely to close “The deal is if they don’t get the benefits they want.”
About 53,000 contracts were canceled nationwide in September, about 16% of homes for sale that month, the highest percentage since October 2022 when mortgage rates topped 7% for the first time in two decades.
* * *
Refer to the CoreLogic. The company released its Southern California home sales report for September, which of course included San Diego.
This report found that this area of the country suffers from low inventory and a lack of new construction, which accounts for the sale prices of rides.
September saw an overall decline of -22.5% in home sales volume across the region compared to the previous year, according to the company.
A lack of inventory coming to the market has pushed up the prices of the few homes available for sale, a news release said.
Neighboring Orange County topped the list for $1 million in home sales with a 10% annual growth rate.
San Bernardino and Riverside counties experienced declines in average sales prices of -3% and -2.2%, respectively.
Data is based on county records, not local multiple listing services.
The median home sales price in SoCal reached $725,000, a year-over-year increase of 2.8%, the report said.
* * *
Another item of stressful news for potential homebuyers.
Housing affordability statewide has fallen to its lowest level since 2007, according to a recent report from the industry trade group. California Association of RealtorsOr the car.
Fewer than one in five buyers were able to purchase a median-priced home in California in the third quarter, according to the CAR report.
An annual income of $221,200 was needed to qualify for a home worth $843,600 statewide in the third quarter.
However, the market was darker locally. Housing affordability in San Diego was 11% for the third quarter compared to last year when the number was 15%.
The median selling price here is listed as $878,500. Buyers must have an annual income of $256,400 with a 20% down payment to purchase this home, CAR said.
Some recent surveys have priced average sales prices in San Diego even higher, at more than $1 million.
* * *
San Diego Digital Health Inc Search for health Announced the formation of an advisory board to support the development of a wearable telemedicine device.
Experts and industry leaders “will provide valuable market, scientific, regulatory, technical and business guidance to CARI Health’s strategic initiatives,” the company said.
The committee includes a patient advocate to ensure that the patient’s perspective is a primary consideration.
* * *
Chuza, a San Diego-based Hispanic snacking startup, was selected as a winner in the PepsiCo Greenhouse Accelerator program and won a $100,000 business grant.
According to a blurb, Chuza offers “a variety of spicy fruit and vegetable snacks, all infused with 100% Mexican spices and no artificial flavors or colors.”
The company selected the winner from a pool of 10 other startups.
The six-month, mentored program supports the growth of Hispanic-owned startups across the food and beverage industry.
* * *
San Diego Real Estate Leasing Manager Rick Snyder He will be installed as president of National Apartment Association November. 16 in Hilton Bayfront San Diego.
According to a press release, he begins his one-year term as president starting in January.
“Snyder takes the lead as the industry faces new regulatory challenges nationally and at a time of historic rental demand,” the statement read. No doubt.
Snyder has more than 30 years of real estate experience, with a specialty in property management as President RA Snyder Propertieswhich operates 6,000 units in the region.
* * *
Smartvillean electric vehicle battery reuse company based here in San Diego, said it has secured an additional $2.65 million in federal and state funding.
The U.S. Department of Energy has awarded a $1.15 million grant to develop a battery energy storage system using second-life electric vehicle batteries charged by solar generation.
They also received $1.5 million from the state Energy Commission to supplement a previously announced $5.9 million federal grant.
The funding strengthens Smartfill’s approach to recovering and reusing electric vehicle batteries, according to a press release.
By using solar energy stored in second-life EV batteries to charge first-life EV batteries, Smartville is developing technologies that support the reuse of EV batteries nationwide and accelerating the commercialization of Smartville 360.
CEO of the company Anthony Tong He stressed the importance of reusing electric car batteries, noting that it supports communities, reduces dependence on external energy, and enhances energy security during emergency situations.
* * *
San Diego DNA sequencing equipment maker Illumina She says she has launched what she calls the Global Health Access Initiative to help public health in low- and middle-income countries.
This program will provide discounted sequencing tools to global health funders and address supply chain issues.
This effort was developed with input from clients, funders and the nonprofit FIND Foundation.
“Prices of sequencing instruments and consumables can vary by country or region, which presents a challenge for funders and donors and can limit large-scale implementation,” said an Illumina executive.
“Countries or regions whose public health preparedness would benefit from genomics often lack the resources to implement it sustainably,” he said.
* * *
Finally, this interesting note North Park Main Street The organization will celebrate small businesses on Saturday, Nov. 25, with a 5K turkey trot, an art exhibit, live music, free food samples and sales from local businesses.
The opening ceremony included speeches from San Diego Mayor Todd Gloria and CEO of Main Street Mark Westkicking off at 11 a.m. at Mila Vintage + Modern on University Avenue.
The 5K Turkey Trot begins at 10:00 a.m. at Coach B SD on Lincoln Ave), with registration beginning at 9:30 a.m.
Participants will receive donuts after the race, and those 21 and older can enjoy free beer.
Click here for full activities and events.
Thom Yorke is a Carlsbad-based freelance journalist who specializes in writing about business and economics. If you have news tips you’d like to share, send them to firstname.lastname@example.org.