New reports regarding the summer home buying season in San Diego are showing that the County had one of the hottest sellers markets on record. The California Association of Realtors' (CAR) latest data from July shows that year-over-year pending home sales in San Diego are up 7.5 percent, far above the statewide average of 3.5 percent.
In addition to the substantial increase in pending home sales, real estate site, Zillow, reported that the median price of a single-family home in the County was at $513,000. This represents a 5.4 percent climb from 2015. This represents a 5.4 percent climb from 2015.
While these two reports translates to good news for sellers, it may spell trouble in the coming months if market conditions do not conform to buyer's budgets.
"While still in positive territory, Realtors' optimism of market conditions over the next year has been waning over the past few months," according to the statement from CAR.
Meanwhile, mortgage rates still favor buyers as they remain near all-time lows. 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.