San Diego Housing Market Update-August 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!

Closed sales began to cool for much of the country last month, and conventional wisdom indicates that year-over-year declines are going to be present for the remainder of the year, given the low inventory situation in most markets. Demand is certainly present and has created competitive situations that have kept prices up. Rental prices are also up, which may lure more toward homeownership

Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One-year change in homes for sale

-1.2%

+7.4%

-15.9%

 

Closed Sales decreased 2.1 percent for Detached homes but increased 0.6 percent for Attached homes. Pending Sales increased 17.8 percent for Detached homes and 20.1 percent for Attached homes. Inventory decreased 11.4 percent for Detached homes and 27.0 percent for Attached homes.

The Median Sales Price was up 6.0 percent to $567,000 for Detached homes and 8.1 percent to $375,000 for Attached homes. Days on Market decreased 3.0 percent for Detached homes and 23.5 percent for Attached homes. Supply decreased 13.3 percent for Detached homes and 29.2 percent for Attached homes.

As inventory continues to drop, the contradictions of today’s market are evident. Sellers should feel confident enough to list homes at fair prices and receive meaningful offers in a healthy residential real estate and overall economic environment. However, there may be lingering worry over the availability of move-in ready homes to replace what was sold. On a brighter note, building permits are trending upward. That news should be weighed against the fact that the highest level of activity is in multifamily rentals.

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. Thanks in part to “Brexit,” rates have declined further. They are currently at 3.46% for a 30-year fixed loan (they were 3.43% at this time last month). This is 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 August 2016 sales

CLICK FOR FULL SIZE IMAGE

For more information on this topic:

619.384.2248
Ryan@RyanYourRealtor.com

 

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