San Diego Housing Market Update-October 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!

As we enter the final quarter of 2016, not much has changed since the year began. Market predictions have been, in a word, predictable. A relatively comfortable pace of activity has been maintained thanks to continuing low unemployment and mortgage rates. The one basic drag on market acceleration has been inventory decline. There is little to indicate that the low inventory situation will resolve anytime soon.

Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One-year change in homes for sale

1.1%

+12.6%

-17.5%

Closed Sales increased 0.5 percent for Detached homes and 2.1 percent for Attached homes. Pending Sales increased 9.6 percent for Detached homes and 8.0 percent for Attached homes. Inventory decreased 12.7 percent for Detached homes and 29.7 percent for Attached homes.

The Median Sales Price was up 11.5 percent to $580,000 for Detached homes and 8.7 percent to $380,500 for Attached homes. Days on Market decreased 14.6 percent for Detached homes and 13.9 percent for Attached homes. Supply decreased 14.3 percent for Detached homes and 36.4 percent for Attached homes.

Builder confidence is as high as it has been in more than a decade, yet the pace of economic growth has been slow enough to cause pause. A low number of first-time buyer purchases and a looming demographic shift also seem to be curbing the desire to start new single-family construction projects. As older Americans retire and downsize, single-family listings are expected to rise. The waiting is the hardest part.

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 3.95% for a 30-year fixed loan (they were 3.49% 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 October 2016 sales

CLICK TO ENLARGE

For more information on this topic:

619.384.2248
Ryan@RyanYourRealtor.com

 

You can leave a response, or trackback from your own site.

5 Responses to “San Diego Housing Market Update-October 2016 Sales”

  1. […] San Diego Housing Market Update-October 2016 Sales […]

  2. ig says:

    Wow, this post is nice, my sister is analyzing such things, therefore
    I am going to let know her.

  3. ig says:

    Hey! This post couldn’t be written any better! Reading through this post reminds me of my good
    old room mate! He always kept talking about this.
    I will forward this write-up to him. Fairly certain he will have a good read.
    Thanks for sharing!

  4. ig says:

    Unquestionably believe that which you said. Your favorite reason seemed to be on the web the easiest thing
    to be aware of. I say to you, I certainly get annoyed while
    people consider worries that they just do not know about.

    You managed to hit the nail upon the top and defined out the whole thing without having side-effects ,
    people could take a signal. Will likely be back to get more.

    Thanks

  5. ig says:

    We’re a group of volunteers and starting a new scheme in our
    community. Your website offered us with valuable info to work
    on. You have done a formidable job and our entire community will be grateful to you.

Leave a Reply

This theme is sponsored by California along with Texas, Radio and corporate office contact address
Sitemap