San Diego Housing Market Update-May 2014

As summer approaches, inventory levels (the number of homes on the market “actively” for sale) continue to climb. This housing market update shows there are currently 7200 listings in San Diego county, up from 6600 last month. This is the most the San Diego market has had in quite a long time.

Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One year change in homes for sale

-22.10%

8.40%

-3.20%

 

How's the market 2

According to Bankrate.com, interest rates are currently at 4.17% for a 30-year fixed loan. This is well below the historical average of 6% or so, which is great for home buyers. To calculate your potential mortgage payment, go HERE.

Finally, as you will see on the chart below, prices are starting to take on a more normal pattern. There are much more modest changes than the previous year, with a 8.4% increase in median prices, compared to over 20% a few months earlier. However, even with the higher prices, homes continue to sell a a faster pace than a year ago.

The San Diego Association of Realtors analyses housing market date for San Diego county every month. Below is their monthly report. The figures combine both condos and townhomes, as well as single-family homes.

San Diego Housing Market May 2014

CLICK ON IMAGE TO ENLARGE

 

For more information on this topic:

619.384.2248
Ryan@RyanYourRealtor.com
Visit my Website: http://ryanyourrealtor.com
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