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San Diego housing trend spells good news for entry-level buyers

Posted by Mehran Aram on Sun, Jun 9, 2019 @ 07:06 AM

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.

Topics: San Diego, real estate, Mortgage rates, San Diego Housing Market, San Diego Housing Commission, Housing Trends, San Diego Housing

Home prices reach record high

Posted by Mehran Aram on Sun, Apr 7, 2019 @ 10:04 AM

The average list price for a home in the U.S. has reached $300,000 for the first time according to Realtor.com’s Housing Trend Report.

“The typical U.S. home list price has set a new high right on the cusp of the spring homebuying season,” said Realtor.com Chief Economist Danielle Hale. “Home prices will likely continue to set new records later this year.”

Despite recent increases in the supply of homes for sale, housing shortages continue to drive up prices. With much speculation that conditions are shifting towards favoring buyers, many sellers are taking a wait-and-see approach when considering listing their home.

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: home prices, Mortgage rates, Realtor.com, housing shortage, Homes for Sale, average list price, Housing Trends