A recent study from Realestate.com shows that the rate of home price appreciation in San Diego for dwellings in the lower third of prices is slowing. Homes in the bottom-third of the market appreciated at a rate of 2.2 percent annually as of April, that’s down significantly from the 10.4 percent price jump seen between 2017 and 2018. The slowdown in price growth for these entry level homes may make it easier for first-time buyers to get in the market.
Of course, entry-level homes in San Diego still come with a nearly half-million dollar price tag. Although the San Diego Housing Commission offers down payment assistance and that can potentially be coupled with programs like an FHA loan which allows buyers to purchase a home with as little as 3.5 percent down.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.375 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.