The July 2017 San Diego County Real Estate Report shows that, unlike some parts of the country, the San Diego County real estate market has not slowed down. In fact, year-over median sales prices increased countywide by 11 percent in June. The number of closed sales has dropped, but this is due to a continued lack of inventory.
San Diego County’s housing market has recovered with the median sales price exceeding 2005’s high in May this year. If you’re a homeowner, that’s wonderful news. It you are looking to buy, it’s not as scary as it sounds because when you adjust for inflation, we are still well below pre-recession highs. Only about one-third of the country has seen this recovery.
Continue reading July 2017 San Diego County Real Estate Report and Interest Rates
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.
Continue reading June 2017 San Diego County Real Estate Report and Interest Rates
The May 2017 San Diego County Real Estate Report shows continued gains, despite the ongoing supply shortage and slowly increasing mortgage rates. Those rising interest rates paired with increasing values are making San Diego County homes less affordable. Trump’s proposed tax plan could decrease affordability even more by removing important deductions for homeowners.
Continue reading May 2017 San Diego County Real Estate Report and Interest Rates