Home sales fell across the country at rate of 14.9 percent compared to last year, according to new data from the National Association of Realtors. San Diego followed suit and even exceeded the national average with a 16.1 percent decline in closed sales for single-family homes in August. The drop in home sales comes as the summer home buying season winds down and exorbitant home prices continue to keep potential buyers on the sidelines.
According to the Greater San Diego Association of Realtors, pending sales also dropped in August - 12.6 percent for detached homes and 10.6 percent for attached homes.
Meanwhile, home prices in the region remain near all-time highs. The median sales price in San Diego was up 15.9 percent in August to $860,000.
Today, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 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.