El Cajon, CA 92021 housing market

What this means

• Valuation. Prices are 33% above what local incomes have historically supported (this area's pre-2020 price-to-income ratio).
• Prices. Home values are down 1.0% over the past year (U.S.: +1.2%).
• Supply. Listings are 8% below the 2017-19 norm and rising (+31% vs. a year ago), close to pre-pandemic levels.
• Negotiating. Buyer leverage is low (31/100; U.S.: 54): homes sell for about 0.0% below their final list price; 31% of listings had a price cut (U.S.: 26%).
• Affordability. A mortgage on the typical home takes 74% of the median household income (U.S.: 35%); it takes about $182k a year to keep the payment at 30% of gross pay. That includes about $1,696 a year for home insurance (U.S.: $1,790).
• Buy vs. rent. Buying costs about $2,392/mo more than renting a typical home (mortgage payment vs. typical rent).
• Disaster risk. FEMA expects about $246 a year in natural-disaster damage per $100k of building value (U.S.: $155), mostly from flooding. Flood isn't covered by standard homeowners insurance.
• Outlook. Leaning up: likely −7% to +10% over the next 12 months (67% chance of a rise).

Next 12 months

Leaning up

Prices are more likely to rise than fall over the next year. Likely change: −6.7% to +9.6% (80% range; middle estimate +2.6%), chance of a rise 67%, of a 5%+ drop 13%.

HouseVane's model, refit every month on local market signals and national ones, trained only on data known at the time. How accurate it has been.

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