San Diego Housing Market Update-April 2016 Sales

San Diego Housing market update for home salesBelow is my monthly analysis of the San Diego housing market. It will show many different metrics to help us get an accurate “feel” for what is happening in our local real estate market! 

The housing market is being predictable, and that’s a good thing. At the
beginning of the year, it was anticipated that the prevailing trends of the past
year would continue into and through 2016, and that has largely been the
case. The number of homes for sale has generally remained lower compared
to a year ago, and prices have been steadily rising in desirable communities where homes show well.

Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One year change in homes for sale

-10.5%

+9.2%

-19.7%

Closed Sales decreased 12.7 percent for Detached homes and 6.0 percent for Attached homes. Pending Sales increased 9.5 percent for Detached homes and 15.5 percent for Attached homes. Inventory decreased 15.9 percent for Detached homes and 28.3 percent for Attached homes. The Median Sales Price was up 9.4 percent to $565,500 for Detached homes and 8.1 percent to $365,000 for Attached homes. Days on Market decreased 20.0 percent for Detached homes and 35.9 percent for Attached homes. Supply decreased 20.7 percent for Detached homes and 38.5 percent for Attached homes.

There have been no striking changes to curtail what should be a decent run of home sales over the next several months. Mortgage rates have remained stubbornly and wonderfully low, the unemployment rate has remained at or
near 5.0 percent for eight straight months and wages have increased for a great many people. New construction has been slow, and that may be a damper on sales, but the general outlook remains strong.

According to Bankrate.com, interest rates have continued to stay under the 4% level, despite the Federal Reserve Bank finally raising rates .25% late last year. They are currently at 3.63% for a 30-year fixed loan (they were 3.66% at this time last month). This is still well below the historical average of 6% or so, which is great for home buyers. To calculate your potential mortgage payment or see what you can afford, go HERE.

The San Diego Association of Realtors analyzes housing market data for San Diego county every month. Below is their monthly report for home prices. The figures represents ALL property types.

San Diego housing market update for April 2016

CLICK TO ENLARGE IMAGE

 

For more information on this topic:

619.384.2248
Ryan@RyanYourRealtor.com
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