The Joys of Real Estate

The San Diego County real estate market was reasonably stable again last month.  Single family and attached home prices decreased only -1.0% but are up 10% compared to this time last year.    The active listings on the market increased slightly last month, but the large increase in sales resulted in reducing the months of inventory from 3.3 months to 2.9 months.  See more data…

Home sales last month were up 15% from the previous month for both single family and attached homes.  Relative to this time last year the single family home sales were up 13% and the attached home sales are up 24%.   

Distressed sales dropped by 4% compared to last month and that is a good sign for the market.  Foreclosures were 21% of last month’s sales while short sales were 24%.  If anyone is having issues with mortgage payments and is considering foreclosure, please talk to us right away as a short sale is a far superior solution for distressed sales due to the reduced impact on credit and other consequences suffered with a foreclosure.  Read More …

The inventory chart of single family homes provides a good picture of the market at this time for the different price ranges in $200,000 increments.  There is 2.0 months of inventory for homes up to $200,000 whereas there are 9.25 months of inventory for homes priced from $1.0 to $1.2 Million.

Mortgage interest rates are not going up as predicted by the “experts” but are actually declining.  At the time of this newsletter the 30-Year fixed Rate was 4.75% which is extremely low.   See more data…