Low interest rates and a lack of inventory are helping to promote continued appreciation as shown in July’s San Diego County housing market report. The number of detached homes that sold in June also increased, while the median number of days those homes were on the market did not change significantly.
Those record low interest rates have started moving upward, and are probably going to be increasing more in the near future. While most economists don’t expect the Federal Reserve’s Open Market Committee to make changes to the Federal Funds Rate when they meet later this month, they do predict the Fed will start raising rates as soon as September. This will make housing less affordable for home buyers in San Diego County. If you’ve been thinking of buying, you might want to move quickly to lock in today’s low rates.
Take a look at the North County and San Diego County summaries below, or click on the links for a detailed view of June’s statistics.
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 increased to $541,000 in June 2015, compared to $525,000 reported in May 2015.
• Median price for detached homes in North County increased 0.49 percent to $615,000 in June 2015 compared to $612,000 reported in May 2015.
• Year-over median SFD price in North San Diego County increased 0.5 percent compared to $612,000 reported in June 2014.
• The number of sold units in North San Diego County for June 2015 was 1,137 units, an increase of 12.24 percent compared to May 2015.
• Median days on market for North San Diego County SFD homes sold increased to 17 days in June, compared to 15 days in May 2015.
• The HomeDex affordability percentage for all homes in North San Diego County decreased to 32 percent in June compared to 33 percent in May 2015.
JULY 2015 NORTH COUNTY HomeDex Report
Full County Summary
• The median price for a single-family detached (SFD) home in San Diego County increased 3.58 percent to $549,000 in June 2015, compared to $530,000 reported in May 2015.
• Year-over median SFD home price in San Diego County increased 3.58 percent compared to $530,000 reported in June 2014.
• The number of sold SFD units throughout San Diego County in June 2015 was 2,364, an increase of 13.06 percent compared to May 2015.
• Median days on market for SFD homes in May for San Diego Metro was 14 days, 18 days for South County, and 14 days for East County.
• The HomeDex affordability percentage in June 2015 for a SFD home in San Diego Metro was 28 percent, South County was at 39 percent, and East County was at 41 percent.
JULY 2015 FULL COUNTY HomeDex Report
Information taken from HomeDex™ Copyright © 2012 by the North San Diego County Association of Realtors (NSDCAR). Used by permission.