Even as prices rise in many communities, homes are selling faster now than they have in the past several years. This creates a situation where buyers need to move fast in order to secure homes, and they may have to pay more for them. While increasing prices generally coax more selling activity, there has been some hesitancy among potential sellers who worry that they will not be able to buy a desirable and reasonably priced home once they sell.
Closed Sales decreased 19.4 percent for Detached homes and 23.6 percent for Attached homes. Pending Sales increased 6.6 percent for Detached homes and 3.8 percent for Attached homes.
The Median Sales Price was up 2.7 percent to $636,750 for Detached homes and 9.3 percent to $410,000 for Attached homes.
Days on Market decreased 13.2 percent for Detached homes and 33.3 percent for Attached homes.
Supply decreased 8.8 percent for Detached homes and 30.4 percent for Attached homes.
Low housing supply has already prevented an outright national boon in sales activity, despite a continuation of near record-low mortgage rates and an unemployment rate under 5.0 percent deep into 2016. The issue is not purchasing power. Many areas are falling behind last year’s closed sales totals simply because of lack of available inventory. As this continues, higher prices may put a deeper squeeze on the current buyer pool.
North County Coastal: July 2016 Numbers by Zip Code
Cardiff, Carlsbad, Del Mar, Encinitas, Oceanside and Solana Beach.
Listings, Sales, Days on Market and more broken out by zip code.
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