In 2019 home prices were up again in most markets. Buyer demand continues to be strong but with tepid seller activity still in many locations, total sales are lower than they would normally be in a more balanced market. While up from their recent lows a few months ago, mortgage rates end the year close to three-quarters of a percent lower than a year ago, helping to improve affordability and offset rising home prices.
- Closed Sales increased 18.0 percent for Detached homes and 46.2 percent for Attached homes.
- Pending Sales increased 15.5 percent for Detached homes and 14.4 percent for Attached homes.
- The Median Sales Price was up 4.0 percent to $728,000 for Detached homes and 15.0 percent to $480,000 for Attached homes.
- Days on Market decreased 12.8 percent for Detached homes and 12.2 percent for Attached homes.
- Supply decreased 38.5 percent for Detached homes and 25.0 percent for Attached homes.
With low mortgage rates, low unemployment, and continued wage growth, home buyer activity is expected to remain healthy into the new year. New construction has been on the rise in 2019 and is expected to continue into 2020, but many experts note that the country is still not building enough new units to quench demand. It remains to be seen whether existing homeowners will be enticed to sell by higher home prices, which could finally bring the overall housing market into greater balance.
San Diego North County Monthly Housing Market Indicators December 2019. Listings, Sales, Days on Market and more.Dec-19-Monthly