Monthly Indicators | April 2016
The housing market is being predictable, and that’s a good thing. At the beginning of the year, it was anticipated that the prevailing trends of the past year would continue into and through 2016, and that has largely been the case. The number of homes for sale has generally remained lower compared to a year ago, and prices have been steadily rising in desirable communities where homes show well.
What to Watch
There have been no striking changes to curtail what should be a decent run of home sales over the next several months. Mortgage rates have remained stubbornly and wonderfully low, the unemployment rate has remained at or near 5.0 percent for eight straight months and wages have increased for a great many people. New construction has been slow, and that may be a damper on sales, but the general outlook remains strong.
Monthly Snapshot – All Properties
Residential real estate activity in San Diego County, comprised of single family properties, townhomes and condominiums. Percent changes are rounded.
Weekly Mortgage Rate Analysis – May 16, 2016
The benchmark 30-year fixed-rate mortgage fell 2 basis points to 3.75% this week while the 15-year fixed-rate mortgage dropped 2 basis points to 2.99%.
Median Sales Price – April
Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month.
Inventory of Homes For Sale – April
The number of properties available for sale in active status at the end of a given month.
Days on Market Until Sale – April
Average number of days between when a property is listed and when an offer is accepted in a given month.
Housing Affordability Index – April
This index measures housing affordability for the region. An index of 120 means the median household income is 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.
The San Diego Association of Realtors
Market Data current as of May 5, 2016. All data from Sandicor, Inc. Powered by 10K Research and Marketing.
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Laura Sechrist Molenda