October 13th, 2017 3:28 PM by Heather Tardanico
San Diego Market Report - September 2017
Every market is unique, yet the national sentiment has given rise to the notion that housing markets are stalling. Although desirous buyers are out on an increasing number of showings, there remains a limited number of desirable listings. And although mortgage rates have remained enticingly low, home prices have reached unaffordable levels for many new entrants into the housing pool at exactly the same time that established owners are proving to be less interested in moving.
Closed Sales decreased 12.7 percent for Detached homes and 16.8 percent for Attached homes. Pending Sales decreased 3.2 percent for Detached homes and 2.1 percent for Attached homes. Inventory decreased 27.0 percent for Detached homes and 18.1 percent for Attached homes.
The Median Sales Price was up 8.0 percent to $610,250 for Detached homes and 11.9 percent to $414,000 for Attached homes. Days on Market decreased 14.3 percent for Detached homes and 17.2 percent for Attached homes. Supply decreased 25.9 percent for Detached homes and 11.8 percent for Attached homes.
Last year at this time, the national storyline was about how high demand was propping up sales and prices despite low inventory and months of supply. That has actually continued to be a familiar refrain for many months in 2017 and now for the past couple of years. But with the likes of Hurricanes Harvey and Irma, different employment outlooks, disparate incomes, varying new construction expectations and potential housing policy shifts, regional differences are becoming more prevalent and pronounced.
Current as of October 5, 2017. All data from Sandicor, Inc. Report © 2017 ShowingTime.