The housing market that boomed in 2021 spilled over in to 2022. According to the National Association of Realtors, existing home sales reached their highest level since 2006 and show very few signs of slowing down. Home buyers are acting quickly this year to take advantage of historically low mortgage rates and get ahead of the increased competition that comes with the spring season.
Locally, the Greater San Diego Association of Realtors reports that closed sales declined by 10.3 percent for single-family homes, likely due to a 42.5 percent decrease in inventory. The median sales price in the region was $885,000 last month, up 19.4 percent from a year ago.
While industry experts anticipate increases in mortgage rates later this year, buyers can increase their purchasing power but locking in rates today. Conforming no-point 30-year fixed mortgage rates are averaging 3.75 percent and 15-year rates are near 3.125 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.