ARAMCO Report - The Mother of ALL Mortgage Blogs!

San Diego housing market appears to be cooling off

Posted by Mehran Aram on Wed, Jul 24, 2019 @ 05:07 AM

It may be summer in America’s Finest City but that’s not keeping the housing market sizzling. Home price growth in San Diego has begun to level off compared to the steep price increases seen last summer.

Median home prices in San Diego are still climbing but over the past twelve months it has been a quite modest 1.9 percent increase, according to Zillow. The online real estate site expects the tepid growth to continue through next year.

With home prices leveling off and mortgage rates at their lowest levels in over a year, demand for housing in San Diego is expected to remain strong through 2020.

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, home prices, San Diego, Zillow, Mortgage rates, San Diego Housing Market, median home price, San Diego Home Prices, Americas Finest City, San Diego Median Home Price, San Diego Housing

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