Monthly Indicators | June 2016
Halfway through 2016, residential real estate markets are performing as predicted at the beginning of the year. Sales and prices have been going up in most areas, while the number of homes for sale and total months’ supply of inventory have been going down. Meanwhile, many sellers have been getting a higher percentage of their asking price, and supply continues to struggle to meet demand. The message may be repetitive, but it is largely positive.
What to Watch
The national unemployment rate recently dropped 0.3% to 4.7%, but some states felt more of a pinch in their own figures. Similarly, the low inventory situation is showing signs of strain in markets where there are few homes for purchase. With an interest rate increase still in the cards this year, combined with the American political landscape and global economic events, a cooldown could occur by winter. Presently, however, summery growth prevails as many locales are reaching near-record prices not seen in more than a decade.
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 – July 7, 2016
The benchmark 30-year fixed-rate mortgage fell 9 basis points to 3.52% this week while the 15-year fixed-rate mortgage dropped 4 basis points to 2.85%.
Median Sales Price – June
Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month.
% of Original List Price Received – June
Percentage found when dividing a property’s sales price by its original list price, then taking the average for all properties sold in a given month, not accounting for seller concessions.
Inventory of Homes For Sale – June
The number of properties available for sale in active status at the end of a given month.
Days on Market Until Sale – June
Average number of days between when a property is listed and when an offer is accepted in a given month.
Housing Affordability Index – June
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 July 5, 2016. All data from Sandicor, Inc. Powered by 10K Research and Marketing.
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