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San Diego home still selling for a premium

Posted by Mehran Aram on Sat, Aug 31, 2019 @ 08:08 AM

A decade removed from the Great Recession, the housing market in the U.S. appears to be normalizing. One indicator of this is that the share of homes selling above their original list price is dropping. Bidding wars over the limited number of homes for sale caused prices to soar well-above list prices for much of the last several years. But a new report from CoreLogic shows that the share of homes selling at or above list price has returned to early 2000 levels.

The peak was reached in Q2 2018 when 43 percent of all home sold in the U.S. went for more than asking. This is triple the level during the peak of the recession in early 2008. While this has dropped to 39.2 percent nationally as of this summer, San Diego stands apart.

The greater San Diego market remained just below the all-time high with 41 percent of homes selling at or above the list price. The region joins other hot markets like San Francisco (83 percent) that have bucked the national trend.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.625 percent and 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.

Topics: home sales, San Diego County, Housing Market, CoreLogic, Mortgage rates, San Diego Housing Market, San Diego Home Sales, U.S. Housing Market

San Diego home sales fall by double-digits

Posted by Mehran Aram on Tue, Jul 16, 2019 @ 17:07 PM

New data released last week by the Greater San Diego Association of Realtors shows that home sales in the County stumbled from May to June as prices continued to climb. Sales of existing single-family homes and condominiums both fell month-over-month, dropping 13.6 percent and 16.2 percent, respectively.

The decline in sales coincides with sales prices increasing during the same period. Sale prices for single-family homes increased 2.4 percent while the cost for attached properties shot-up 3.5 percent. The median price of a single-family home in San Diego is currently at $674,900. This is up from $654,000 in June 2018.

This latest data shows a reversal in the San Diego housing market which had seen monthly increases in sales every other month so far in 2019.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.00 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 County, San Diego, Greater San Diego Association of Realtors, existing home sales, Mortgage rates, San Diego Housing Market, Existing Homes, San Diego Home Prices, San Diego Home Sales, San Diego Housing

Condo and townhome sales surge in San Diego

Posted by Mehran Aram on Sun, Jun 16, 2019 @ 07:06 AM

San Diego County saw closed sales of condominiums and townhomes shoot up seven percent from April to May according to the Greater San Diego Association of Realtors. This unusually large increase comes as the sales pace for single-family homes remained relatively unchanged.

Attached property sales climbed 7.3 percent in total from 983 in April to 1,055 in May. The price of a townhome or condominium grew 3.3 percent to a median price of $434,000 as of last month.

Meanwhile, single-family home sales in San Diego were flat, increasing 0.7 percent on a month-over-month basis and price rose just 1.2 percent. Compared to last year, sales of single-family homes are down 7.1 percent in the region.

Today, 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: home sales, San Diego County, San Diego, Greater San Diego Association of Realtors, single family homes, Mortgage rates, San Diego Housing Market, condo, San Diego Home Sales, San Diego Housing, Property Sales

San Diego home sales down as prices continue to rise

Posted by Mehran Aram on Sat, May 4, 2019 @ 08:05 AM

Home sales in San Diego County fell for the eleventh consecutive month in March according to new data from real estate tracker CoreLogic. High purchase prices are being attributed to the sluggish sales. Although prices have moderated since last year, March’s median home price was up 0.9 percent compared to the same period in 2018.

There were a total of 3,224 closed escrow sales in San Diego County during the month, down 8.6 percent on a year-over-year basis.

In recent months, high home prices have been countered by lower mortgages rates which have been in the slide since early this year. Currently, 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 sales, San Diego County, CoreLogic, Mortgage rates, San Diego Housing Market, median home price, San Diego Home Sales, San Diego Median Home Price, Closed Escrow Sales

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