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A steady job market, wage growth and favorable mortgage rates are firing up the housing market this winter. The one setback appears to be that the steady stream of buyers have no place to move to. A report from Realtor.com shows that housing inventory nationwide in December fell to its lowest point since January 2018.
The number of homes available for sale in the U.S. is declining at a growing pace according to Realtor.com. Inventory decreased by 12 percent year-over-year in December.
San Diego saw a 28.3 percent drop in inventory. The median list price in the region increased to $719,444 as of December with homes sitting on the market for 55 days on average.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.625 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.