San Diego home market continues to favor sellers

San Diego home market continues to favor sellers

The housing market in San Diego is maintaining its long-held position as a sellers' market. According to Zillow, nearly one in five homes for sale in San Diego saw a price cut in September. This is down from nearly one in four during the same month last year.
It appeared the San Diego was in for a shift to a buyers' market at the start of 2019 when the region boasted the second-most price reductions in the nation. But as mortgage rates declined and the summer months kicked home buying in high gear, buyers began to lose the edge once again.
Still, when compared to other major metropolitan markets in California, San Diego still maintained the most price reductions in the state.
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.375 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.