According to a new report from Realtor.com, homes continued to sell in August at record pace. Nationwide properties are sitting on the market for 66 days, two days less than 2016 – impressive considering that prices are approximately ten percent more than they were a year ago.
Realtor.com, the official site of the National Association of Realtors, lists San Diego as the ninth hottest metropolitan housing market in the U.S. in August. For the month, the region saw homes sell far faster than the rest of the nation with the median age of inventory just 38 days old. This is up from just 36 days in July, likely a cause for San Diego's drop from fifth to ninth on the ranking.
As always, the list was dominated by California cities. 10 of the list's twenty metro markets – which typically include a main city and its closest suburbs – were in California.
Meanwhile, conforming no-point 30-year fixed mortgage rates averaging 3.875 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.