San Diego's Median Home Price Now $557,000
Source:
SDBJ.com, By Sarah
De Crescenzo, Tuesday, December 20, 2016
The median price for
an existing single-family home in San Diego fell by 3.4 percent from October to
November to $557,000.
The California Association of
Realtors (CAR) said seasonal factors likely played a role in the price decline.
However, compared to last year’s
median price of $532,380, the median price for a San Diego home was up by 4.6
percent. Statewide, the median price of $501,710 was down for the third
straight month, but it remained over $500,000 for the eighth consecutive month.
Month-over-month home sales in San
Diego were down by 2.9 percent compared to October, while the statewide average
was essentially unchanged, down 0.1 percent. The median number of days it took
to sell a single-family home in San Diego remained the same as it was in
October at 24.3 days, just over one day less than a year ago, when the median
number was 25.4 days.
Year-over-year home sales in every
major region in the state, however, recorded a double-digit increase compared
to November 2015; San Diego was no exception, with a 32.5 percent increase.
Average year-over-year home sales in California were up by 17.7 percent. The
association said last year’s home sales were likely dampened by new mortgage
industry regulations that delayed some escrow closings.
Although the Federal Reserve’s
decision to raise interest rates should have only a “minor, if any” adverse
impact on the housing market, future hikes could impact home sales in 2017,
said Leslie Appleton-Young, CAR’s senior vice president and chief economist.
"Moreover, with the specter of rates drifting higher, more buyers may rush
in to buy homes and compete for a dearth of homes available for sale, which
could put upward pressure on home prices and lead to a further decline in
affordability," she said.
DISCLAIMER: This blog/article has been curated from an alternate source
and is designed for informational purposes to highlight the commercial real
estate market. It solely represents the opinion of the specific blogger/author
and does not necessarily represent the opinion of Pacific Coast Commercial.
All content provided
on this blog is for informational purposes only. The owner of this blog makes
no representations as to the accuracy or completeness of any information on this
site or found by following any link on this site. The owner of will not be liable for any
errors or omissions in this information nor for the availability of this
information. The owner will not be liable for any losses, injuries, or damages
from the display or use of this information.
Keywords: San Diego Commercial Real
Estate For Sale, Commercial Property In San Diego, Commercial Real Estate In
San Diego, San Diego Investment Real Estate, Commercial Property Management In
San Diego, San Diego Commercial Property Management, Commercial Property
Management San Diego, Managed Commercial Property San Diego, Commercial
Property For Sale San Diego, San Diego Commercial Real Estate Leasing
Comments
Post a Comment