What goes up appears to be coming down, at least where South Coast home sale prices are concerned, according to an economic indicator in the data dashboard posted by the South Coast Chamber of Commerce. According to the Chamber’s dashboard, the sales value of South Coast home sales in May declined by 2.7 percent compared to last year. This shift may reflect the bump in interest rates now charged for home loans.
In dollar amounts, the Chamber reports the median sale price on the South Coast in May was $2.335 million, down from $2.4 million the year before, but still considerably higher than the $1.26 million of two years ago.
For renters, the picture is less mixed. South Coast median rents have increased from $2,054 in the second quarter of last year to $2,293 in this year’s second quarter. Reported vacancy rates have dropped from 2.8 percent last year to 1.9 percent this year. Two years ago, the reported vacancy rate was 3.9 percent.
In other quality-of-life metrics, the Chamber reported that violent crimes reported to and by the Santa Barbara Police Department had declined 13 percent from the year before and that property crimes had declined by 11 percent. Call volumes reported by the police declined by 2 percent.
Correction: An earlier version of this story and its headline incorrectly stated that the figures from the South Coast Chamber of Commerce’s dashboard were from June. The median home sale price figures are for May and the figures for median rent and vacancy rent are for the second quarter of the year.
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