San Diego Housing Market Update-September 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 anticipated at the outset of the year, demand has remained high through the first three quarters of 2016, propping up sales and prices despite heavy reductions in inventory and months of supply across the country. With rental prices and employment opportunities in a consistent climb, year-over-year increases in home buying are probable for the rest of the year but not guaranteed.

Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One-year change in homes for sale

-4.1%

+8.7%

-17.0%

Closed Sales decreased 2.3 percent for Detached homes and 7.2 percent for Attached homes. Pending Sales increased 17.6 percent for Detached homes and 15.4 percent for Attached homes. Inventory decreased 12.4 percent for Detached homes and 28.7 percent for Attached homes.

The Median Sales Price was up 8.6 percent to $570,000 for Detached homes and 10.3 percent to $375,000 for Attached homes. Days on Market decreased 2.7 percent for Detached homes and 17.1 percent for Attached homes. Supply decreased 13.8 percent for Detached homes and 34.8 percent for Attached homes.

In general, today’s demand is driven by three factors: Millennials are reaching prime home-buying age, growing families are looking for larger homes and empty nesters are downsizing. However, intriguingly low interest rates often prompt refinancing instead of listing, contributing to lower inventory. Recent studies have also shown that short-term rentals are keeping a collection of homes off the market.

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 3.48% for a 30-year fixed loan (they were 3.46% 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 September 2016 sales

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For more information on this topic:

619.384.2248
Ryan@RyanYourRealtor.com

 

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