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HomeDex: October 2016

As we enter the final quarter of 2016, not much has changed since the year began. Market predictions have been, in a word, predictable. A relatively comfortable pace of activity has been maintained thanks to continuing low unemployment and mortgage rates. The one basic drag on market acceleration has been inventory decline. There is little to indicate that the low inventory situation will resolve anytime soon.

  • Closed Sales increased 6.9 percent for Detached homes and 1.4 percent for Attached homes
  • Pending Sales increased 10.9 percent for Detached homes and 9.7 percent for Attached homes
  • The Median Sales Price was up 11.1 percent to $650,000 for Detached homes and 7.9 percent to $410,000 for Attached homes
  • Days on Market decreased 11.6 percent for Detached homes and 20.0 percent for Attached homes
  • Supply decreased 16.1 percent for Detached homes and 27.8 percent for Attached homes

Builder confidence is as high as it has been in more than a decade, yet the pace of economic growth has been slow enough to cause pause. A low number of first-time buyer purchases and a looming demographic shift also seem to be curbing the desire to start new single-family construction projects.

Information taken from HomeDex™. Copyright © 2016 by the North San Diego County Association of Realtors (NSDCAR). Used with permission. 

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HomeDex: September 2016

As anticipated at the outset of the year, demand has remained high through the first three quarters of 2016, propping up sales and prices despite heavy reductions in inventory and months of supply across the country.

  • Closed Sales decreased 1.9 percent for Detached homes and 20.4 percent for Attached homes
  • Pending Sales increased 26.0 percent for Detached homes and 5.8 percent for Attached homes
  • Median Sales Price was up 7.6 percent to $635,000 for Detached homes and 10.5 percent to $395,000 for Attached homes
  • Days on Market decreased 5.1 percent for Detached homes and 20.6 percent for Attached homes
  • Supply decreased 12.5 percent for Detached homes and 26.3 percent for Attached homes

In general, today’s demand is driven by three factors: Millennials are reaching prime home-buying age, growing families are looking for larger homes and empty nesters are downsizing. However, intriguingly low interest rates often prompt refinancing instead of listing, contributing to lower inventory.

Information taken from HomeDex™. Copyright © 2016 by the North San Diego County Association of Realtors (NSDCAR). Used with permission.

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HomeDex: August 2016

Closed sales began to cool for much of the country last month, and conventional wisdom indicates that year-over-year declines are going to be present for the remainder of the year, given the low inventory situation in most markets.

  • Closed Sales decreased 3.1 percent for Detached homes and 2.9 percent for Attached homes.
  • Pending Sales increased 21.8 percent for Detached homes and 14.0 percent for Attached homes.
  • The Median Sales Price was up 5.8 percent to $635,000 for Detached homes and 15.4 percent to $415,000 for Attached homes.
  • Days on Market decreased 11.1 percent for Detached homes and 16.7 percent for Attached homes.
  • Supply decreased 9.1 percent for Detached homes and 31.8 percent for Attached homes.

Sellers should feel confident enough to list homes at fair prices and receive meaningful offers in a healthy residential real estate and overall economic environment.

Information taken from HomeDex™. Copyright © 2016 by the North San Diego County Association of Realtors (NSDCAR). Used with permission.