San Diego Housing Market Update-July 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!

Even as prices rise in many communities, homes are selling faster now than they have in the past several years. This creates a situation where buyers need to move fast in order to secure homes, and they may have to pay more for them. While increasing prices generally coax more selling activity, there has been some hesitancy among potential sellers who worry that they will not be able to buy a desirable and reasonably priced home once they sell.

Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One-year change in homes for sale

-15.8%

+6.3%

-15.1%

Closed Sales decreased 15.8 percent for Detached homes and 15.9 percent for Attached homes. Pending Sales increased 5.1 percent for Detached homes and 4.9 percent for Attached homes. Inventory decreased 11.9 percent for Detached homes and 23.3 percent for Attached homes.

The Median Sales Price was up 2.9 percent to $565,000 for Detached homes and 12.2 percent to $381,000 for Attached homes. Days on Market decreased 11.4 percent for Detached homes and 32.4 percent for Attached homes. Supply decreased 12.9 percent for Detached homes and 28.0 percent for Attached homes.

Low housing supply has already prevented an outright national boon in sales activity, despite a continuation of near record-low mortgage rates and an unemployment rate under 5.0 percent deep into 2016. The issue is not purchasing power. Many areas are falling behind last year’s closed sales totals simply because of lack of available inventory. As this continues, higher prices may put a deeper squeeze on the current buyer pool.

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 3.43% for a 30-year fixed loan (they were 3.42% 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 statistics for July 2016 sales

CLICK IMAGE TO ENLARGE

For more information on this topic:

619.384.2248
Ryan@RyanYourRealtor.com

 

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