Monthly Indicators | May 2016
We are in the thick of an exciting period of home buying and selling, often with quick multiple offers that are near, at or even above asking price, depending on the factors of the home and submarket in question. It was widely predicted that we would see healthy sales activity during the second quarter of 2016 after a mildly sluggish first quarter, and the market has not disappointed.
What to Watch
Although inventory is still being stretched thin in many areas, low mortgage rates coupled with higher wages have built a relatively sturdy housing marketplace. How long that can continue without fresh supply remains an important question, but conditions are seemingly good enough for serious buyers. With the current slow state of new construction for non-rental households, the road ahead could be tricky if demand remains high.
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 – June 2, 2016
The benchmark 30-year fixed-rate mortgage fell 1 basis points to 3.81% this week while the 15-year fixed-rate mortgage dropped 1 basis points to 3.05%.
Median Sales Price – May
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 – May
The number of properties available for sale in active status at the end of a given month.
Days on Market Until Sale – May
Average number of days between when a property is listed and when an offer is accepted in a given month.
Housing Affordability Index – May
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 June 5, 2016. All data from Sandicor, Inc. Powered by 10K Research and Marketing.
Is someone you know thinking about buying or selling?
Have them call me! I’ll help them get started.
Laura Sechrist Molenda