The Fed hiked interest rates by .25 percent this week and expect continued increases in 2017. With rising interest rates and prices already putting pressure on affordability, what’s in store for the future? Here are predictions from eight real estate experts.
Real Estate Report
November was a good month for San Diego and North County real estate with year over price increases of 5 to 6 percent. Post-election interest rates rose, and inventory tightened even more. Will those trends continue into 2017? Realtor.com® thinks so and predicts 6.47 percent price growth for the San Diego market in 2017. This would make it the 15th hottest market in the country.
See below for this month’s statistics and daily interest rate updates.
Click on the links below to read the full housing statistics reports.
- NORTH COUNTY MONTHLY INDICATORS
- METRO SAN DIEGO COUNTY MARKET UPDATE
- EAST SAN DIEGO COUNTY MARKET UPDATE
- SOUTH SAN DIEGO COUNTY MARKET UPDATE
- SAN DIEGO COUNTY MONTHLY INDICATORS
North County Summary
• The median price for all North County home sales increased 4.9 percent in November 2016 compared to November 2015.
• Detached homes saw a median price increase of 6.0 percent in North County, moving from $585,000 in November 2015 to $620,000 in November 2016.
• The number of sold units in North San Diego County increased 18.4 percent compared to the previous November. Pending sales rose 10.6 percent in the same period.
• Median days on market for North San Diego County properties was 37. This is a 14.0 percent decrease compared to the previous November.
• Inventory supply in North San Diego County dropped to 1.9 months from 2.4 months in November 2015.
Full County Summary
• The median price for all San Diego County home sales in November 2016 was $500,000. This is a 5.9 percent increase compared to November 2015.
• Detached homes saw a median price increase of 5.6 percent in San Diego County, moving from $531,500 in November 2015 to $561,2500 in November 2016.
• Attached homes in San Diego County had an 8.8 percent median price increase compared to the previous year. They moved up to $370,000 in November 2016.
• Inventory supply countywide dropped to 1.9 months’ in November 2016 compared to 2.3 months’ a year earlier.