Sales for newly built homes outpaced sales for existing homes in Southern California in July according to a new report. New home sales were 13 percent higher during the month than they were at the same time last year according to CoreLogic. In comparison, existing home sales increased just three percent during the same period. In total, 1,719 newly built homes were purchased across Southern California in July.
The demand for new homes doesn’t appear to have dwindled since last year despite prices rising. The price for a new home in San Diego County rose 21 percent over overall home prices in the region since last summer.
The median price tag for a newly constructed home in San Diego as of July: $701,250.
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.625 percent and 15-year rates are near 3.125 percent.
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