The June 2017 San Diego County Real Estate Report still shows a hot market with fast moving sales and a serious lack of inventory. But this cannot go on forever. Real estate markets are cyclical. Some parts of the country are already showing a slowdown in appreciation rates as reported by CNBC.
The anticipated rate hike by the Federal Reserve will most likely put downward pressure on the market. It will not only make it more difficult for buyers to borrow for their home purchase, but it will also push up the cost of consumers’ existing revolving debt and adjustable rate mortgages.
Real Estate Report
Our market isn’t showing a slowdown yet, but that may come as was predicted by Clear Capital back in January. Year over median sales prices increased by 8.0 percent countywide and 8.7 percent in North County. The number of closed sales did drop in both markets, but that was accompanied by gains in pending sales and a continued tightening of supply.
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 8.7 percent in May 2017 compared to May 2016.
• Detached homes saw a median price increase of 6.9 percent in North County, moving from $650,000 in May 2016 to $694,750 in May 2017.
• The number of sold units in North San Diego County decreased 4.5 percent compared to the previous May. Pending sales rose 11.8 percent in the same period.
• Median days on market for North San Diego County properties was 26. This is a 16.1 percent decrease compared to the previous May.
• Inventory supply in North San Diego County dropped to 2.0 months from 2.8 months in May 2016.
Full County Summary
• The median price for all San Diego County home sales in May 2017 was $540,000. This is an 8.0 percent increase compared to May 2016.
• Detached homes saw a median price increase of 8.0 percent in San Diego County, moving from $567,125 in May 2016 to $612,500 in May 2017.
• Attached homes in San Diego County had a 5.1 percent median price increase compared to the previous year. They moved up to $394,000 in May 2017.
• Inventory supply countywide dropped to 1.8 months in May 2017 compared to 2.4 months a year earlier.