San Diego home sales rise as inventory tumbles

San Diego home sales rise as inventory tumbles

San Diego home sales rise as inventory tumbles
Stay-at-home orders haven’t seemed to deter homebuyers in San Diego, even as they face shrinking inventory levels and rising prices. According to data from Redfin, the number of homes for sale in San Diego County fell 31 percent from April to May. Sellers who had previously listed their homes changed their minds in droves as the pandemic took hold.

This has only exacerbated an already chronically low level of available homes for purchase in the region.

There were 5,166 homes for sale in San Diego at the start of May, down from 7,250 a year ago. The anemic home inventory has not caused a pause in home buying. Early data for April shows a moderate increase in pending home sales during the month.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.375 percent and 15-year rates are near 2.75 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.