The number of homes sold in San Diego last month increased despite pricing rising as well. The Great San Diego Association of Realtors reported this week that single-family home sales saw an uptick of a half percent in February while condo and townhome sales surged 8.4 percent compared to January. On a year-over-year basis, overall home sales are 4 percent higher.
The increase in the sales rate comes as the median price of homes in the region continues to climb. San Diego’s single-family homes averaged a price tag of $677,000 – 8 percent higher than last year.
The pace of sales is expected to continue to climb as spring approaches and mortgage rates remain at record lows. Today, conforming no-point 30-year fixed mortgage rates are averaging 3.5 percent and 15-year rates are near 3 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.