(SanDiegoRealEstateBuzz) – Summer is in full swing, and we hope you're out there enjoying the sun! The San Diego real estate market had another hot month in June, as well, with both home sales and available inventory on the rise. A slight uptick in interest rates didn't appear to deter home buyers' plans, as days on the market continued along a downward trajectory. Looking ahead to summer's final weeks, the housing market keeps on going strong, offering opportunity for home sellers, buyers and investors alike.
San Diego Real Estate Market Statistics for July 2017
San Diego Homes for Sale, Under Contract and Sold
From May to June 2017, the number of homes sold increased by just over 1 percent, from 3522 to 3566. This includes a 4 percent increase in sales of detached homes, and a 4 percent drop in sales of attached homes. Homes under contract (pending sales) rose slightly from May to June, as well, but decreased year-over-year.
Inventory increased by just over 4 percent, with total homes on the market rising from 4982 in May to 5199 in June. When we break these numbers down, we find that the inventory of detached homes on the market rose by almost 5.5 percent, from 3398 to 3901. Attached home inventory increased at a lower rate, gaining 1 percent from May to June.
Average Days on the Market Holds Steady
From May to June, the average days on the market held steady, with detached homes remaining at 29 days on the market. Attached homes didn't move much either, gaining a single day to go from 20 to 21 days on the market. Both numbers represent a drop from June 2016, in which detached homes spent an average of 33 day on the market and attached homes 27.
San Diego Home Prices
The median sales price of San Diego homes rose slightly from May to June, with detached home prices rising by .8 percent, from $615,000 to $620,000. Attached home prices rose more significantly, from $395,000 to $415,250, or a gain of 5 percent. Both attached and detached home prices rose year-over-year; detached home prices saw an increase of more than 8.5 percent since June 2016 while attached home prices increased by over 9 percent.
These numbers fall within the context of slightly slower interest rates. Rates decreased from 3.93 percent in May to 3.75 percent in June. In comparison, interest rates in June 2016 were almost identical, at 3.74 percent.
San Diego Real Estate Market Trends Summary
To sum up, the San Diego real estate market continues to hum along. With home prices following a slow but steady upward trajectory and interest rates largely unchanged, average days on the market holds steady. This healthy market offers many choices for both buyers and sellers.