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February 25, 2017

San Diego Existing Home Sales jump

by Bob Schwartz

San Diego Existing Home Sales

San Diego home for sale

San Diego County detached home sales for January 2017 where the highest since 2013! When compared to January 2016, the San Diego County detached home sales  were up just slightly by 49 homes.

The real big news for existing home sales in January was that on a nationwide basis, they hit a 10 year high!

The National Association of Realtors (N.A.R.) reported this week that existing home sales jumped 3.3 percent to a seasonally adjusted annual rate of 5.69 million units last month. That was the highest level since February 2007!

Not only in San Diego, but for most of the major regional metropolitan areas, there’s been a persistent shortage of available homes for sale. It is this lack of housing inventory that many in the real estate industry believe is the major cause of the escalating home prices even in the face of increasing mortgage rates.

San Diego Existing Home Sales

Also, the second factor that many agree that is affecting the increased housing prices, is a growing confidence in the economy ever since the presidential election. Yes, the housing market is being helped by a strengthening labor market which is improving employment opportunities and, in turn, boosting household formation.

Here are the January 2017 housing market statistics as reported by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.):

– Existing, single-family home sales totaled 420,100 in January on a seasonally adjusted annualized rate, up 2.1 percent from December and 4.4 percent from January 2016.

– January’s statewide median home price was $489,580, down 3.8 percent from December and up 4.8 percent from January 2016.

– Statewide sales of condos fell 22.1 percent from December on a non-seasonally adjusted basis and rose 7.5 percent from January a year ago.

Naturally, no one can accurately predict the direction of the housing market. But, it’s sure nice that were starting the year off on a very positive note nnot only in the housing market but in the economy as a whole.

For more information, visit the press release from CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)

 

San Diego Existing Home Sales

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