Home Sales and Values Are Up Heading into the Winter Months
Some people expressed worry about the health of the real estate industry following last month's slight decline in housing figures. Now that the National Association of Realtors has released the nationwide stats for September however, those concerns have mostly been put to rest. Gains in existing-home sales were seen for in almost all areas of the country during the month. Across the board, total sales rose 2.4% to an adjusted average of 5.17 million transactions, up from 5.05 million during August.
According to analysts, one major factor driving this growth is that traditional homebuyers are continuing to enter into the market as investors make their way out. With an increased number of properties being listed for sale, interest rates continuing to make their way lower and overall economic recovery across the board, individuals and families purchasing their primary residences are finding that the current market conditions offer the perfect balance of affordability and opportunity.
Signifying the 31st consecutive month of year-over-year gains, September saw the median home price rise to $209,700 – a 5.6% jump from September 2013's results. As the industry prepares to enter into the seasonally-slower colder months, buyers are looking to snatch up quality properties before the standard wintertime decrease in listings goes into effect.
San Diego Real Estate Data Remains Strong for the Season
The winter months normally mean a big decline in activity all throughout the San Diego real estate market. Luckily, this year has so far shown to be much milder than most. The number of active listings normally takes a nosedive as we head into the coldest part of the year, but so far November has only shown a 3% decline relative to last month. While these results are promising, the real test will be as we progress into December and January, typically the months with the fewest San Diego homes for sale.
One area that we're definitely seeing a big improvement in locally is the number of closed home sales. We saw a huge drop of 16.7% in the number of properties sold from October to November of 2013. We only experienced a decrease of 3.4% during this period in 2014 – a decline expected for the season, but much milder than we've seen in recent years.
For sellers, the average number of days homes are spending on the market has remained steady from last month at 48, slightly lower than the average of 49 from this period last year. For buyers, the average interest rate dropped to just 4.01% during October – the lowest we've seen all year. If that trend continues, or even remains approximately the same, the San Diego real estate market may be on course for better-than-expected winter results.
San Diego Real Estate Market Statistics for November 2014