Monthly Market Overview North San Diego County October 2019

In October, mortgage rates increased slightly from the three-year lows seen in September. While the Federal Reserve reduced the federal-funds target rate by .25%, this decline was widely expected and largely factored into mortgage rates already, which are still approximately 1% lower than this time last year. Fannie Mae is predicting that continued low rates, and possibly lower rates, are expected in 2020.

  • Closed Sales increased 0.2 percent for Detached homes but decreased 5.1 percent for Attached homes.
  • Pending Sales increased 12.2 percent for Detached homes but decreased 4.1 percent for Attached homes.
  • The Median Sales Price was up 4.1 percent to $733,889 for Detached homes and 2.9 percent to $473,500 for Attached homes.
  • Days on Market decreased 2.6 percent for Detached homes but increased 3.2 percent for Attached homes.
  • Supply decreased 27.3 percent for Detached homes and 4.3 percent for Attached homes.

As we begin the slower time of year for home sales, historically low mortgage rates will continue to support buyer demand and may create additional lift to home prices as excellent affordability gives buyers the ability to offer more to secure their dream home. Throughout much of the country, the continued low level of housing inventory also continues to constrain sales activity from where it would likely be in a balanced market.

San Diego North County Monthly Housing Market Indicators October 2019. Listings, Sales, Days on Market and more.

Oct-19-Monthly