The North County and San Diego housing markets saw year-over prices drop in March, but it’s still a sellers’ market. What’s causing this dichotomy in the market? — interest rates and inventory. Higher mortgage rates have slowed the housing market down and put pressure on home prices, but inventory levels are still very low. This is causing a supply shortage for home buyers.
Continue reading North County and San Diego Housing Markets April 2023
Last year, one factor drove home prices more than any other: rising mortgage rates.
In March 2022, the Federal Reserve began a series of interest rate hikes in an effort to pump the brakes on inflation. And while some market sectors have been slow to respond, the housing market has reacted accordingly.
Both demand and price appreciation have tapered, as the primary challenge for homebuyers has shifted from availability to affordability. And although this higher-mortgage rate environment has been a painful adjustment for many buyers and sellers, it should ultimately lead to a more stable and balanced real estate market.
So, what can we expect in 2023? Continue reading Home Prices in 2023 and What That Means for You
The housing market is caught up in a basic supply and demand predicament. Homes in the U.S. are selling at lightning speed, but the availability of listings remains limited. Helped by historically low mortgage rates, buyers keep shopping for homes. This reduces the available inventory and pushes home prices up across the country.
Continue reading 5 Factors Telling Us Where the Housing Market Is Headed
While no one can predict the future with certainty, most experts expect to see modest growth in the U.S. housing market for the remainder of this year and next. Inventory while still tight, has started to creep upward. Mortgage rates will continue to climb, and affordability will remain a major issue in many parts of the country.
So what does that mean for San Diego County home buyers and sellers? If you ask me right now how the market is, I’d say just like our fall weather—cooling. Let’s take a closer look at some of the top indicators.
Continue reading How’s the Market?