A report from CoreLogic released last week shows that home prices in San Diego County has reached levels not seen in over a decade. As of August, the median single-family detached home price was $498,000, just under 3.8 percent from the record high of $517,000 reached in 2005.
These August's home prices show tremendous recovery from the lows seen in June 2009 when the median was $280,000. However, the rising prices may be putting a dent in sales figures – August saw an 8 percent decrease from the same month last year.
Limited inventory is largely responsible for the drop in sales but may be slightly offset by historically low mortgage rates sparking buyer activity. Today, conforming no-point 30-year fixed rates averaging 3.375 percent while the 15-year rate is near 2.75 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.