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A slowdown in price growth and low mortgage rates weren’t enough to keep home sales in San Diego from dropping last month. According to new data from the Greater San Diego Association of Realtors, single-family home sales declined by 24 percent on a month-over-month basis. While the volume of sales is still higher than January 2019, last month’s data proves to be a rocky start to the new year.
A slight increase in home prices, however, suggest that demand for homes in the region remains high. Elevated prices are pushing buyers further away from the heart of the city and into more rural communities. Home sales were highest in Fallbrook, Escondido and Oceanside among others.
The median price of a single-family home in the greater San Diego area is currently $670,000. The recent prices increases are due to chronically low inventory levels.
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.5 percent and 15-year rates are near 3.0 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.