The median price of a home in San Diego County climbed 2.9 percent from April to May, crossing the $600,000 for the first time. According to the San Diego Association of Realtors, approximately 2,200 homes exchanged hands last month with a median price of $612,500.
Limited inventory resulted in the number of homes sold last month dropping 6.1 percent from last year. The lack of available homes for sale continued to be the top concern for 48 percent of Realtors responding to a survey from the California Association of Realtors.
Eroding affordability is also concerning both buyers and realtors alike. Currently, the median household income is only 57 percent of what's required to purchase a single-family home in San Diego.
Today, conforming no-point 30-year fixed mortgage rates are averaging 4 percent while 15-year rates are near 3.125 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.