San Diego Real Estate Price Trends for July
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San Diego County Market Update July 2009 The average price of homes sold in San Diego County were flat last month for single family homes and increased 6.3% for attached homes, mostly condos. Also, the inventory of homes for sale has reduced again and is now less than 3 months indicating a strong seller’s market. It is too early to say that we reached the bottom, but we can’t be far off. The inventory is expected to increase in the next few months as the banks release more foreclosures to the market and this increase in supply will impact the price to some extent.
The number of homes sold last month continued to increase and were up 5.3% for single family homes compared to May and 17% compared to this time last year. Attached home sales were up 10.8% compared to May and 24% compared to this time last year. It is clear that people are becoming aware that this is an excellent time to buy and are taking advantage of the low interest rates and other incentives. Also, the homes are far more affordable and those that missed the last opportunity are taking advantage of it now.
The mortgage interest rates have declined this month and to date the average interest rate on a 30-year fixed is 5.22%. These rates are being held down by the government and certainly won’t last when the economy turns around and people start to invest in the stock market.
The majority of our real estate clients come from referrals. Could you please do us a favor, if you hear of someone who is buying or selling a home please keep us in mind? Send us an e-mail or give us a call. |
Red: Detached(Single Family), Blue: Attached Source: Sandicor Multiple Listing Service
Source: Federal Home Loan Corp |
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