July 2016 San Diego Real Estate Market Trends

The July 2016 real estate market trends for San Diego continue to paint a bright picture of recovery and optimism for the city. The total of both attached and detached homes sold remains about the same as it did in July 2015, However, after a decline in October 2015, homes sales have risen each month, and the figures for July 2016 are no different. While 6,651 homes sold in June, the total number of homes sold in July increased to 6,915. The number of attached homes sold showed a modest increase and sales of detached homes demonstrated a more robust jump. In fact, these numbers mirror those for the number of homes put on the market as well.

It's interesting to note that the median sales price for a home in the area has shown steady growth over the past year. Since July 2015, sale prices have jumped $15,000 for detached homes. Sale prices from June 2016 to July 2016 remained unchanged at $570,000. Prices for attached homes clocked in at $355,000 in July 2015 and $380,000 one year later.

Another statistic that potential homeowners should take note of is the falling interest rate. In spite of some ups and downs in this figure over the past year -- including a high of 3.86 percent in October 2015 -- interest rates for July 2016 stand at 3.40 percent. This figure represents the lowest that interest rates have been for at least year. The time to purchase a home in San Francisco is now while sale prices are still fairly flat and interest rates are this low.

San Diego Real Estate Market Statistics for July 2016