San Diego home sales fall as prices rise

San Diego home sales fall as prices rise

Sales of previously owned single-family homes and attached properties in San Diego fell from September to October while prices increased, according to new information from the Greater San Diego Association of Realtors. Sales for single-family homes dropped by 4.9 percent to 1,862 units, down from 1,771 in October. Median sales prices rose 3.1 percent during the same period.
This marks the fourth consecutive month of declining home sales in the region. Unaffordable home prices are the primary culprit behind the decline in sales. Median prices in San Diego are now above $665,000. Still, due to decline in mortgage rates from last year, home sales remain slightly ahead of 2018’s figures.
“Rising prices and low inventory are still a burden on our state and local housing economy,” said Kevin Burke, president of the Assocation. “But mortgage rates that are approximately 1 percent lower than at this time last year should give some lift to buyer demand.”
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.375 percent.
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