San Diego home prices continue to rise as inventory shrinks

San Diego home prices continue to rise as inventory shrinks

San Diego home prices continue to rise as inventory shrinks
Strong sales activity continued in San Diego in April according to a new report. The home buying season kicked off in the region with closed sales increasing 46.3 percent for detached homes over last year, according to the Greater San Diego Association of Realtors.

Meanwhile, the volume of homes for sale in San Diego continues to shrink, driving up prices and competition. Inventory is down 60.4 percent since last year on single-family homes. Inventory of attached homes shrank by nearly the same amount as well.

High buyer demand and rising home prices are expected to continue throughout the summer.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.375 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.