San Diego Housing Market Update-June 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!

Halfway through 2016, residential real estate markets are performing as predicted at the beginning of the year. Sales and prices have been going up in most areas, while the number of homes for sale and total months’ supply of inventory have been going down. Meanwhile, many sellers have been getting a higher percentage of their asking price, and supply continues to struggle to meet demand. The message may be repetitive, but it is largely positive.

Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One-year change in homes for sale

-11.3%

+4.2%

-15.8%

Closed Sales decreased 13.8 percent for Detached homes and 6.3 percent for Attached homes. Pending Sales increased 3.6 percent for Detached homes and 5.2 percent for Attached homes. Inventory decreased 11.2 percent for Detached homes and 27.0 percent for Attached homes.

The Median Sales Price was up 4.2 percent to $567,500 for Detached homes and 8.6 percent to $380,000 for Attached homes. Days on Market decreased 16.7 percent for Detached homes and 18.8 percent for Attached homes. Supply decreased 13.3 percent for Detached homes and 32.0 percent for Attached homes.

The national unemployment rate recently dropped 0.3 percent to 4.7 percent, but some states felt more of a pinch in their own figures. Similarly, the low inventory situation is showing signs of strain in markets where there are few homes for purchase. With an interest rate increase still in the cards this year, combined with the American political landscape and global economic events, a cooldown could occur by winter. Presently, however, summery growth prevails as many locales are reaching near-record prices not seen in more than a decade.

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 3.42% for a 30-year fixed loan (they were 3.61% 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 June 2016 sales

CLICK TO ENLARGE

For more information on this topic:

619.384.2248
Ryan@RyanYourRealtor.com

 

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2 Responses to “San Diego Housing Market Update-June 2016 Sales”

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