San Diego Housing Market Update-May 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!

Home prices across the U.S. are reaching all-time highs, prompting worry over another boom-and-bust scenario like we experienced roughly ten years ago. Yet, as we glance across the state of residential real estate, what is clear compared to the last extended run of price increases is that lending standards are now much stronger than they were before. Incomes must be verified, a reasonable amount of money must be paid toward the home prior to purchase and a more stringent loan approval process is in place to prevent a repeat performance of the Great Recession.

 
Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One-year change in homes for sale

-4.3%

+8.0%

-25.2%

Closed Sales decreased 6.1 percent for Detached homes and 0.8 percent for Attached homes. Pending Sales increased 12.5 percent for Detached homes and 3.1 percent for Attached homes. Inventory decreased 24.7 percent for Detached homes and 26.8 percent for Attached homes.

The Median Sales Price was up 8.0 percent to $612,500 for Detached homes and 5.1 percent to $394,000 for Attached homes. Days on Market decreased 15.6 percent for Detached homes and 34.5 percent for Attached homes. Supply decreased 25.9 percent for Detached homes and 27.8 percent for Attached homes.

In addition to a stronger base upon which to conduct real estate transactions, the overall economy is in better shape than it was a decade ago. More jobs are available, unemployment is relatively low and workers have more faith in their wages and the potential for wage increases. Although we continue to battle an inventory shortage in much of the country, optimism remains high for a successful summer for buying and selling homes.

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 4.00% for a 30-year fixed loan (they were at 4.09% 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 Monthly housing report for May 2017-001

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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