U.S. Welcomes Steady Housing Growth and Eager Buyers
The U.S. housing market is looking pretty good, but that comes as no surprise to Lawrence Yun. As the chief economist for the National Association of Realtors, Yun know a little bit about real estate trends.
Even though the double-digit gains many areas were seeing are slowing down, steady growth is going to remain on the forecast for some time to come. Yun has said that the additional buyers entering the market “are being lured by the increase in homes for sale and less competition from investors paying in cash”.
As of October, the most recent national data the NAR has access to, it looks like he may be right. The median sales price for a home in the United States was 5.5% higher this October than it was last year. If current trends and expert opinions hold true, 2015 will hold plenty of good news for current homeowners and anyone able to buy before values rise further.
San Diego Real Estate Market Stays Strong Despite Seasonal Slowdown
Anyone familiar with the San Diego real estate market could have predicted we'd see a slightly slower period right around the holidays – after all, it happens every single year. Few people want to add the stress of moving to their list of wintertime responsibilities. But that doesn't mean it's necessarily a bad time to enter the market.
Even though the San Diego real estate market saw some big gains in 2013, 2014 has been pretty generous as well. The median sales price of local single-family homes was $494,000 in November – 6.5% more than it was during the same period last year. In other words, the real estate market made many homeowners tens of thousands of dollars over the past twelve months.
For anyone who wants or needs to move during this time of the year, there are plenty of opportunities out there. Not only are buyers still buying (the average home is selling in just 48 days), but mortgages are also still at some of the lower rates we've seen all year. The average interest rate in December has been just 4.07%. Compared to the 4.52% last December, that's thousands of dollars in savings over the life of the loan.
The seasonal wintertime slowdown may have the San Diego real estate market looking a little quiet, but there are plenty of great opportunities available for both sellers and buyers willing to take action now while they still exist.
San Diego Real Estate Market Statistics for December 2014