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San Diego Market Report - November 2017

December 8th, 2017 10:32 AM by Heather Tardanico

How's The Market?
San Diego Market Report - November 2017

 

The facts of residential real estate have remained consistent in 2017. In yearover-year comparisons, the number of homes for sale has been fewer in most locales, and homes have been selling in fewer days for higher prices. This hasn't always been true, but it has been a common enough storyline to make it an overarching trend for the year.

Closed Sales decreased 14.3 percent for Detached homes and 18.0 percent for Attached homes. Pending Sales increased 2.6 percent for Detached homes and 14.3 percent for Attached homes. Inventory decreased 26.9 percent for Detached homes and 12.2 percent for Attached homes.

The Median Sales Price was up 11.8 percent to $625,058 for Detached homes and 11.6 percent to $407,500 for Attached homes. Days on Market decreased 10.8 percent for Detached homes and 17.2 percent for Attached homes. Supply decreased 26.1 percent for Detached homes and 7.1 percent for Attached homes.

New tax legislation could have ramifications on housing. The White House believes that the tax reform bill will have a small impact on home prices, lowering them by less than 4 percent, and could conceivably boost homeownership. The National Association of REALTORS® has stated that eliminating the mortgage interest deduction could hurt housing, as the doubled standard deduction would reduce the desire to take out a mortgage and itemize the interest associated with it, thus reducing demand. This is a developing story.

Current as of December 5, 2017. All data from Sandicor, Inc. Report © 2017 ShowingTime.




Posted by Heather Tardanico on December 8th, 2017 10:32 AM

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