San Diego Housing Market Update-June 2017 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!

There has been a general slowdown in sales across the country, and this cannot be blamed on negative economic news. Unemployment remains low and wage growth, though nothing to overly celebrate, has held steady or increased for several years in a row. There is strong demand for home buying, emphasized by higher prices and multiple offers on homes for sale in many submarkets. As has been the case for month after month – and now year after year – low inventory is the primary culprit for any sales malaise rather than lack of offers.

Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One-year change in homes for sale

-7.2%

+11.0%

-26.2%

Closed Sales decreased 3.4 percent for Detached homes and 14.0 percent for Attached homes. Pending Sales increased 8.7 percent for Detached homes and 7.1 percent for Attached homes. Inventory decreased 25.9 percent for Detached homes and 27.0 percent for Attached homes.The Median Sales Price was up 10.1 percent to $619,900 for Detached homes and 10.1 percent to $415,000 for Attached homes. Days on Market decreased 12.5 percent for Detached homes and 23.1 percent for Attached homes. Supply decreased 27.6 percent for Detached homes and 26.3 percent for Attached homes.

With job creation increasing and mortgage rates remaining low, the pull toward homeownership is expected to continue. Yet housing starts have been drifting lower, and some are beginning to worry that a more serious housing shortage could be in the cards if new construction and building permit applications continue to come in lower in year-over-year comparisons while demand remains high. Homebuilder confidence suggests otherwise, so predictions of a gloomy future should be curbed for the time being.

According to Bankrate.com, interest rates have continued to stay near the 4% level, despite the Federal Reserve Bank finally raising the fed funds rate to .75%. They are currently at 4.12% for a 30-year fixed loan (they were at 4.00% 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 Stats for June 2017

CLICK TO ENLARGE

 

Ryan Blanco-Realtor-San Diego Real Estate BlogAbout Me: I am a full time agent and I dedicate 100% of myself and my time to my valued clients in addition to the San Diego communities that I serve. It is imperative that I continuously evolve with local and national trends in addition to always looking ahead of the industry. It is a must to always provide the best service to my clients, their families and friends.

619.384.2248
Ryan@RyanYourRealtor.com

 

 

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