The unemployment rate dropped to five percent and hourly earnings rose 0.4 percent in October. This is good news for the economy, but could be bad news for home buyers. Many economists think October’s strong jobs report will cause the Federal Reserve to raise interest rates when they meet in December. If you’ve been sitting on the fence about purchasing or refinancing, it might be time to make a move.
I’ve added home loan interest rates to my San Diego County Real Estate Report. You can follow them below. Your credit score, down payment, loan amount and many other factors can affect your interest rate. If you’d like more information on what your interest rate would be, contact me or your lender. If you need to choose a lender, read this first.
Real Estate Report
Even though the market tends to slow down this time of year, we saw month-over median price increases in October for both detached and attached North County homes, and an increase in the median price of attached homes countywide.
According to North San Diego County Association of REALTORS® and the Greater San Diego Association of REALTORS®, year-over median prices also showed increases for both detached and attached homes in North County and San Diego County overall with detached homes posting annual increases of over seven percent.
To read the full housing statistics reports, click on the links below.
NORTH COUNTY MONTHLY INDICATORS
METRO SAN DIEGO COUNTY MARKET UPDATE
EAST SAN DIEGO COUNTY MARKET UPDATE
SOUTH SAN DIEGO COUNTY MARKET UPDATE
North County Summary
• The median price for all North County home sales, all property types, was $518,000 in October 2015, compared to $498,500 reported in October 2014.
• The median price for detached homes in North County was $595,000 in October 2015, up from $558,500 in October 2014.
• The number of sold units in North San Diego County for October 2015 dropped compared to October 2014, but we also saw pending sales rise and inventory decrease.
• The median days on market for North San Diego County detached homes sold decreased to 43 days in October 2015, from 51 days in October 2014.
• The month’s supply of inventory for detached homes in North San Diego County decreased to 2.8 months in October 2015, compared to 4.0 months in October 2014.