The December San Diego County housing market report shows values continuing to increase. Economic factors such as inflation and the job market are not currently putting pressure on housing, but median prices of detached homes in San Diego County are still moving upward. Both San Diego County and North San Diego County detached homes saw a year-over median price increase of between four and five percent in November.
This is a traditionally slower time of year for real estate sales, and countywide there were fewer sales of detached homes compared to October, but the median number of days those homes were on the market also dropped in North County. In addition, fewer homes came on the market. This is keeping inventory at a three month supply, below the five to six months’ we expect to see in a normal market.
How long these economic conditions will last is unknown. The latest jobless claims numbers are down and the Fed announced this week that they may adjust policy rates in a couple meetings. If this happens, it will put pressure on today’s incredibly low interest rates.
To read the full housing statistics reports, click on the links below.
North County Summary
• The median price for all North County home sales attached and detached decreased to $485,000 in November 2014 compared to $508,250 in October 2014.
• Median price for detached homes in North County was constant at $565,000 in November 2014, and increased 4.82 percent year-over compared to $539,000 in November 2013.
• The number of sold units in North San Diego County for November 2014 was 608 units, a decrease of 27.27 percent compared to October 2014.
• Median days on market for North San Diego County SFD homes sold decreased to 32 days in November 2014 compared to 34 days in October 2014.
• The HomeDex affordability percentage for all homes in North San Diego County increased to 33 percent in November 2014, compared to 32 percent in October 2014.
Full County Summary
• The median price for a single-family detached (SFD) home in San Diego County was $490,500 in November 2014, a decrease of 1.11 percent compared to $496,000 in October 2014.
• Year-over median SFD home price increased 4.53 percent compared to $469,250 reported in November 2013.
• The number of sold SFD units throughout San Diego County in November 2014 was 1,379, a decrease of 23.18 percent compared to October 2014.
• Median days on market for SFD homes in November for San Diego Metro was 20 days, 23 days for South County, and 29 days for East County.
• The HomeDex affordability percentage in November 2014 for a SFD home in San Diego Metro was 31 percent, South County was at 39 percent, and East County was at 42 percent.
DECEMBER 2014 FULL COUNTY HomeDex Report
DECEMBER 2014 NORTH COUNTY HomeDex Report
Information taken from HomeDex™ Copyright © 2012 by the North San Diego County Association of Realtors (NSDCAR). Used by permission.