San Diego Real Estate Price Trends for December
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San Diego County Market Update December 2009 Happy Holidays
We are winding down on another interesting year in the real estate business in San Diego County. The charts to the right clearly indicate that prices have risen since February for single family homes and are 14% higher now than they were this time last year. Condo prices have also increased but only at the modest rate of 3% compared to this time last year.
As you are aware, financing controls a lot of the real estate market. The condos may not have increased in price as much because FHA mortgages, which are a popular source of financing, have become more difficult to obtain. A lot of the complexes are no longer FHA approved and no longer satisfy the FHA criteria of 51% owner occupancy. This later criteria is due to all the bank owned units in some complexes and a lot of purchases by investors who are gobbling up these units at the low prices. Buyers are now taking advantage of the Fannie Mae owned units which have a great new financing option called Homepath and are very attractive for first time home buyers. We can find those units for you. If you are interested let us know.
Despite the low inventory and sellers market, the number of homes sold last month has increased about 15% over this time last year.
The mortgage interest rates have continued to fall and at the time of this publication the average 30-year fixed rate mortgage was 4.76%.
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Red: Detached(Single Family), Blue: Attached Source: Sandicor Multiple Listing Service
Source: Federal Home Loan Corp |
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