The San Diego median house price has dropped in the last four months, but only nominally after the city’s record high of $525,000. The median price now stands at $515,000, which has seen an end-of-the-year slip since August. This suggests that price adjustments only comes with holiday market movement and the natural real estate flux towards the end of a calendar year. Sales, however, have reached another high for recorded Novembers (since 1988 when DataQuick began recording) with 4,350 sales that month, proving that the market is still incredibly strong.
Sandicor, Inc., San Diego’s Multiple Listing Service shows listings at an almost 300% triple with 9,129, up from 3,754 in December of last year.
Four in five buyers are choosing adjustable rate mortgages and as the Federal Reserve began raising short term interest rates six months ago these adjustable mortgage-holders are starting to pay higher rates.
The region is seeing a median home price of almost double the national average. Homes are continuing to be built, remodeled, and sold, and should the Chargers make their way to the Super Bowl, San Diego will have yet another attraction to add to it’s list of reasons to live in this climate-perfect but increasingly expensive city. Prices are not expected to reduce significantly, according to pattern. Buyers should consider these factors when deciding the right time to shop for a home.
