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San Diego home sales rebound after sluggish start to 2019

Posted by Mehran Aram on Mon, Apr 15, 2019 @ 05:04 AM

Sales of existing homes in San Diego County climbed a whopping 28.2 from February to March according to new data. The Greater San Diego Association of Reatlors released a report last week that showed single-family home sales numbered 1,721 last month. This is up from 1,342 the month prior.

Lower mortgage rates helped push the March figures higher. Last month’s increases in home sales are a rebound from a seasonal low in January.

Home prices also increased in San Diego with the median cost for a detached home rising 0.3 percent to $630,000 as of March. Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 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.

Topics: San Diego, Greater San Diego Association of Realtors, existing home sales, single family homes, Mortgage rates, San Diego Housing Market, median home price, San Diego Home Sales, San Diego Median Home Price

Home sales retreat but could spring back

Posted by Mehran Aram on Sat, Feb 23, 2019 @ 09:02 AM

Home sales fell in January on both a monthly and yearly basis but a recent decline in home prices and mortgage rates could equate to an active spring home buying season. Sales of existing homes dropped 1.2 percent last month from December according to the National Association of Realtors. This is the third consecutive month of declining sales and 8.5 percent lower than January 2018.

During the same month, the median sale price of a previously owned home increased 2.8 percent. While this is the 83rd month in a row of a year-over-year gains, it is the slowest annual increase since February 2012. Simply, although home prices are increasing, they are doing so at a slower pace.

Less dramatic increases in home prices, combined with lower mortgage rates is likely to spur home buying as the weather warms up in the coming months. Conforming no-point 30-year fixed mortgage rates are averaging 4.25 percent, 15-year rates are near 3.75 percent and the 5-year ARM is averaging 4.25 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.

Topics: National Association of Realtors, existing home sales, mortgage rat

December pending home sales drop to lowest level six years

Posted by Mehran Aram on Fri, Feb 1, 2019 @ 09:02 AM

Pending home sales declined on a monthly and yearly basis in December according to new information from the National Association of Realtors. The latest Pending Home Sales Index, released this week for the month of December, shows a 2.2 percent decline compared to the month prior and a dramatic 9.8 percent drop compared with December 2017. This marks 12 straight months of annual declines and the lowest December reading since 2013.

Contracts to purchase existing homes, frequently referred to as pending sales, are a strong indicator of future home sales. The end-of-year slump coincided with significant volatility on Wall Street.

“The stock market correction hurt consumer confidence,” said NAR’s chief economist Lawrence Yun. He added that mortgage rates, which have since declined, were elevated in October and November when these contracts were signed.

Today, conventional conforming no-point 30-year fixed mortgage rates are averaging 4.375 percent, 15-year rates are near 3.875 percent and the 5-year ARM is averaging 4.375 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.

Topics: Pending Home Sales Index, National Association of Realtors, existing home sales, NAR, Mortgage rates, Pending Home Sales, Existing Homes

Experts: Home sales have topped out

Posted by The Aramco Group on Wed, Sep 26, 2018 @ 11:09 AM

Existing home-sales, the largest segment of the housing market, has reached its peak and will no longer contribute to the U.S. economy’s growth according to economists at Bank of America/Merril Lynch.

“We are calling it,” the report read. “Existing home sales have peaked.”

This conclusion was drawn after sales of existing properties have consistently failed to top last November’s peak of 5.72 million units annually. When coupled with a looming increase in mortgage rates and Zillow reporting an increasing number of price reductions, the economists cited in the report speculate the housing market is simply in a ‘neutral’ state – neither growing nor declining.

The silver lining according to the findings is that demand for housing continues to remain particularly high.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.625 percent, 15-year rates are near 4.125 percent and the 5-year ARM is averaging 4.125 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.

Topics: existing home sales

ARAMCO Report - Friday August 22, 2014

Posted by Mehran Aram on Fri, Aug 22, 2014 @ 17:08 PM

According to the National Association of Realtors, the national median sale price of an existing home year over year rose by 8.3% in the 1st quarter of this year. But in the 2nd quarter of 2014, year over year, home prices rose by only 4.4%. So there is definitely a significant decrease in the rate of home price appreciation. Meanwhile conforming no point 30 year fixed mortgage rates average 4 1/8th with 15 year rates closer to 3 1/8.

And now for something, completely different: Did you know that because of its tilt, the winter and summer seasons on Uranus last approximately 42 years each?

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at www.ARAMCO.Biz or call me at (877) 700-0942.

This is Mehran Aram with today's ARAMCO Report.

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Topics: Reverse Mortgage, Aramco Report, and now for something completely different, home prices, home purchase, Uranus, Winter, Space, 30 year fixed rates, National Association of Realtors, existing home sales, Summer, Planets