Home price increases in San Diego County haven’t stopped during the pandemic. In fact, they just hit a new high. According to CoreLogic home prices in the County passed the $600,000 mark for the first time last month.
A thin selection of homes for sale is causing buyers to compete against one another resulting in bidding wars that drive prices higher. There were just 4,786 homes listed for Sale in June, down 37 percent from the same period last year.
The increase in prices doesn’t appear to be deterring buyers as historically low mortgage rates keep demand as high as ever.
Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.5 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.