Although North County saw a drop in the median sales price compared to January, and San Diego County as a whole was mostly flat, the San Diego County real estate market continued moving upward with healthy year-over price increases.

Real Estate Report

As is typical this time of year, there were more new listings on the market in February, but the number of homes going under contract, or pending, also increased. This is keeping the inventory hovering at a painfully low two months’ supply. Most experts expect to see six months’ supply in a healthy market.

The continuing low interest rates, low resale inventory, and lack of new homes being built in San Diego County has created a housing shortage. This lack of available housing is keeping upward pressure on home prices and rents. We’ve seen an increase in the number of homes being built in the county, 25 new projects this year according to the Union-Tribune. It’s still not enough to meet demand, and many of those homes are in a price range that most buyers can’t afford.

See below for today’s interest rates. Click on the links to read the full housing statistics reports.

San Diego County real estate looked strong in January with 10.5 percent year over median price increases for North County and 7.5 percent increases countywide. Interest rates continue to remain below 4 percent for many types of loans.

Real Estate Report

San Diego was ranked number five on the list of realtor.com’s® 20 Hottest U.S. Real Estate Markets in January 2016. It doesn’t look like this is going to change in the near future. January saw increases in the number of pending sales compared to both the previous month and to January 2015.

Where’s the Inventory?

Although there were many new listings in January, inventory supply is still under two months in both North County and in San Diego County as a whole. Most experts say four to six months of supply is needed for a balanced market.

See below for today’s interest rates. Click on the links to read the full housing statistics reports.

December is usually a quiet month for real estate. In spite of this, North San Diego County and San Diego County as a whole saw a fairly active month with the total sales volume for the county increasing significantly compared to November.

Real Estate Report

2015 showed healthy numbers also. Year-over, North County saw a 4 percent increase in the median price for all property types, while countywide, that number was almost 9 percent for detached homes and over 10 percent for attached homes.

The Fed’s quarter-percentage point interest rate increase didn’t have a major impact on the San Diego County market, but experts expect continued, gradual rate increases over the next year. So if you are thinking of buying, now may be the time.

See below for today’s interest rates. Click on the links to read the full housing statistics reports.