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.
In their midyear report, Realtor.com said residential real estate is on track for the best year since 2006. They attribute job growth and high rents for the rising demand. The threat of higher interest rates is also pushing up sales. Read the full article here.
We’re Hot, Hot, Hot
Realtor.com announced California as having almost half of the 20 hottest housing markets in the country in June, with San Diego coming in 12th on its list. They ranked medium to large sized cities by views relative to the number of listings and by the median days homes spent on the market.
June’s San Diego County housing market report indicates continued price increases countywide at a sustainable rate. North County’s month-over prices showed no increase when detached and attached numbers were combined, but when looked at separately, each category did show month to month median price increases. The annual price increase for detached homes in North County was almost 9 percent.
We saw an increase in the number of homes going under contract in May along with a decrease in new listings coming on the market. This will not help alleviate the already tight supply our market is experiencing.
Take a look at the North County and San Diego County summaries below, or click on the links for a detailed look at May’s statistics.
April’s San Diego County housing market report shows continued strength. After March’s quick uptick, both North County and San Diego County pricing remained fairly level on a month-over basis, but homes sold even more quickly in April than they did in March.
Detached homes appreciated between five to six percent compared to the previous year. Attached home prices grew between one and two percent depending on location.
The number of active listings increased in April, but the number of sold units grew by double that amount, keeping inventory supply under three months.
Take a look at the North County and San Diego County summaries below, or click on the links for a detailed look at April’s statistics.
This month’s San Diego County housing market report is hot, hot, hot! Homes are selling quickly. Prices are on the increase, and inventory is still low. Trulia published a report on April 15 showing San Diego to be the fourth fastest moving market in the nation as of April 5.
This is evident in the March numbers which definitely make up for February’s lackluster statistics. March’s median price for all North County homes shot up to $526,000. This is quite an increase from the $482,700 reported in February and significantly better than January’s median of $510,000.
Take a look at the North County and San Diego County summaries below, or click on the links for a detailed look at March’s statistics.
This month’s San Diego County housing market report isn’t showing the monthly increases we saw in January, but other sources disagree.
Although I post the HomeDex numbers monthly, I’m always looking at multiple sources and reports to stay on top of the constantly changing market. Even though all of these sources work with real estate statistics in San Diego County, they often don’t end up with the same results. So if you are worried about prices, you might feel a little better knowing that Infosparks shows no monthly change in prices as shown in the chart below, and the Greater San Diego Association of REALTORS® shows an increase in the median prices for both detached and attached homes countywide from January to February.
Overall, the market’s not off to a bad start for 2015. This month’s San Diego County housing market report shows reasonable price increases for the county as a whole, with less of an upturn in North County.
The number of sold properties dropped compared to December, but this is typical for January and reflects fewer homes going under contract during the holidays.
As you can see in the chart below, inventory is still limited. The number of available homes for sale in January was the lowest it has been since 2004.
Take a look at the North County and San Diego County summaries below, or click on the links for a detailed look at January’s statistics.
This month’s San Diego County housing market report looks positive. The December numbers show healthy appreciation. These aren’t the twenty to twenty-five percent annual appreciation numbers we saw for many months straight, but a continuation of the sustainable growth we saw throughout most of 2014.
Take a look at the North County and San Diego County summaries below, or click on the links for a detailed look at December’s statistics. You may also want to go to The San Diego Union-Tribune’s recently published article reviewing San Diego County’s housing market for 2014. It’s full of good information.
After 26 straight months of year-over median price increases, North County single family detached homes finally saw a decrease of 0.88 percent in October. That was not the case countywide where prices of detached homes increased 4.20 percent.
The months of double digit appreciation that peaked in mid-2013, the normal market slowdown that comes as we approach the holidays, and fewer investors in the market are all factors in the slowdown.
To read the full housing statistics reports, click on the links below.
Median prices of single family detached homes in San Diego County overall and in North County specifically showed an increase of slightly over five percent compared to the previous year. This puts appreciation very close to historical averages. Investors and foreclosures no longer have a strong influence in our market. It is being driven by more traditional factors such as wages and interest rates.
Inventory is still on the tight side with under four months’ supply, but higher than it was at this time last year as can be seen in the chart below.
To read the full housing statistics reports, click on the links below.
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.
