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San Diego Market Report - November 2019

December 21st, 2018 9:18 AM by Michael Barrow


   "Market Report"

The booming U.S. economy continues to prop up home sales and new listings in much of the nation, although housing affordability remains a concern. Historically, housing is still relatively affordable. Although Freddie Mac recently reported that the 30-year fixed rate is at its highest average in seven years, reaching 4.94 percent, average rates were 5.97 percent ten years ago, 6.78 percent 20 years ago and 10.39 percent 30 years ago. Nevertheless, affordability concerns are causing a slowdown in home price growth in some markets, while price reductions are becoming more common.

Closed Sales decreased 19.4 percent for Detached homes and 20.3 percent for Attached homes. Pending Sales decreased 6.5 percent for Detached homes and 24.3 percent for Attached homes. Inventory increased 32.0 percent for Detached homes and 48.0 percent for Attached homes.
The Median Sales Price was up 1.6 percent to $635,000 for Detached homes but decreased 2.0 percent to $397,000 for Attached homes. Days on Market increased 9.1 percent for Detached homes and 16.0 percent for Attached homes. Supply increased 47.4 percent for Detached homes and 64.3 percent for Attached homes.

The Bureau of Labor Statistics recently reported that the national unemployment rate was at 3.7 percent. Low unemployment has helped the housing industry during this extensive period of U.S. economic prosperity. Home buying and selling activity relies on gainful employment. It also relies on demand, and builders are showing caution by breaking ground on fewer single family home construction projects in the face of rising mortgage rates and fewer showings.


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