Carmel Valley, Poway, Rancho Bernardo, Rancho Penasquitos, and Scripps Ranch housing stats June 2018

Carmel Valley, Poway, Rancho Bernardo, Rancho Penasquitos, Scripps Ranch June 2018 Numbers by Zip Code

Carmel Valley, Poway, Rancho Bernardo, Rancho Penasquitos, and Scripps Ranch
Listings, Sales, Days on Market and more broken out by zip code.

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Download (June-2018-RB-RP-CV-SR-POW.pdf)

Monthly Market Overview North San Diego County June 2018

Housing markets across the nation are most assuredly active this summer, and buyer competition is manifesting itself into several quick sales above asking price. While the strength of the U.S. economy has helped purchase offers pile up, the Fed recently increased the federal funds rate by 0.25 percent, marking the second rate hike this year and seventh since late 2015.

Although the 30-year mortgage rate did not increase, buyers often react by locking in at the current rate ahead of assumed higher rates later. When this happens, accelerated price increases are possible, causing further strain on affordability.

  • Closed Sales decreased 18.2% for Detached homes and 19.2% for Attached homes.
  • Pending Sales increased 2.8% for Detached homes but decreased 12.9% for Attached homes.
  • The Median Sales Price was up 4.8% to $730,000 for Detached homes and 6.7% to $474,900 for Attached homes.
  • Days on Market decreased 3.4% for Detached homes but increased 21.1% for Attached
    homes.
  • Supply increased 7.7% for Detached homes and 35.7% for Attached homes.

Inventory may be persistently lower in year-over-year comparisons, and home prices are still more likely to rise than not, but sales and new listings may finish the summer on the upswing. The housing supply outlook in several markets is beginning to show an increase in new construction and a
move by builders away from overstocked rental units to new developments for sale. These are encouraging signs in an already healthy marketplace.

San Diego North County Monthly Housing Market Indicators June 2018
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San Diego North County Monthly Housing Market Indicators May 2018

Just like last year at this time, prospective home buyers should expect a competitive housing market for the next several months. With payrolls trending upward and unemployment trending downward month after month in an extensive string of positive economic news, demand remains quite strong.

Given the fact that gradually rising mortgage rates often infuse urgency to get into a new home before it costs more later, buyers need to remain watchful of new listings and make their offers quickly.

  • Closed Sales decreased 18.4 percent for Detached homes and 17.0 percent for Attached homes.
  • Pending Sales decreased 5.9 percent for Detached homes and 3.4 percent for Attached homes.
  • The Median Sales Price was up 4.0 percent to $728,000 for Detached homes and 10.0 percent to $480,000 for Attached homes.
  • Days on Market decreased 7.1 percent for Detached homes and 19.0 percent for Attached homes.
  • Supply increased 8.3 percent for Detached homes and 14.3 percent for Attached homes.

Although home sales may actually drop in year-over-year comparisons over the next few months, that has more to do with low inventory than a lack of buyer interest. As lower days on market and higher prices persist year after year, one might rationally expect a change in the outlook for residential real
estate, yet the current situation has proven to be remarkably sustainable likely due to stronger fundamentals in home loan approvals than were in place a decade ago.

Download (May-2018-Monthly.pdf)