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San Diego Market Report - December 2019

January 13th, 2020 10:30 AM by Michael Barrow

HOW'S THE MARKET?
DECEMBER 2019 MONTHLY SNAPSHOT


Market Report

In 2019, home prices were up again in most markets. Buyer demand continues to be strong but with tepid seller activity still in many locations, total sales are lower than they would normally be in a more balanced market. While up from their recent lows a few months ago, mortgage rates end the year close to three-quarters of a percent lower than a year ago, helping to improve affordability and offset rising home prices.

Closed Sales increased 7.7 percent for Detached homes and 33.9 percent for Attached homes. Pending Sales increased 11.6 percent for Detached homes and 26.5 percent for Attached homes. Inventory decreased 40.1 percent for Detached homes and 26.6 percent for Attached homes.

The Median Sales Price was up 6.7 percent to $665,000 for Detached homes and 6.2 percent to $440,000 for Attached homes. Days on Market decreased 12.5 percent for Detached homes and 10.5 percent for Attached homes. Supply decreased 41.7 percent for Detached homes and 28.6 percent for Attached homes.

With low mortgage rates, low unemployment, and continued wage growth, home buyer activity is expected to remain healthy into the new year. New construction has been on the rise in 2019 and is expected to continue into 2020, but many experts note that the country is still not building enough new units to quench demand. It remains to be seen whether existing homeowners will be enticed to sell by higher home prices, which could finally bring the overall housing market into greater balance.


 
Current as of January 5, 2020. All data from Shared Paragon Network. Report © 2020 ShowingTime.



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