San Diego home sales see uptick

San Diego home sales see uptick

San Diego home sales see uptick
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.