San Diego Housing Market
If you like the sun, luxury housing, and many amenities, San Diego County is a real estate market for you. San Diego has amazing beaches and fantastic weather, but you pay for these luxuries.
Recent inflation figures have shocked the system, and American consumers have not seen such data in decades. Prices are affected by the supply. A large market of houses for sale either brings prices down or brings growth. San Diego is a wonderful place to live if you can afford it. San Diego has bypassed San Francisco and is the nation's least affordable metropolitan area for housing.
The greater San Diego area shows a decline in existing home sales, but sales prices continue to rise. Inventory is a problem. A housing market is considered balanced if there is a 4-6 month inventory of homes available. When it comes to existing single-family homes, San Diego has an inventory of 1.4 months. There are not enough sellers to bring the prices down. It is a seller's market currently. Real estate can only switch to a buyer's market if supply rises to an inventory of five months. The San Diego real estate market has developed a reputation for providing investors with attractive returns. The unique combination of demand, economic strength, and value catered to real estate entrepreneurs for years.
It does not look too good for mortgage rates to go down soon. The Federal Reserve intends to raise the Federal Funds rates several times this year to bring down inflation, and experts expect that mortgage rates will continue to move upward. Currently, the National Mortgage Interest Rate Average is 5.48% for a 30-year fixed mortgage and 4.74% for a 15-year fixed mortgage. The typical home value of San Diego houses is now $969,595. That is an increase of 27.9% over the past year.
The latest San Diego housing market forecast also calls for an increase in both rental activity and pricing. As homes continue to increase in value and inventory remains low, more people will turn to the rental market over the next year. The added attention will increase competition for available units, and landlords will be able to increase prices, presumably in line with housing costs.
San Diego is one of the more pricy housing market in the United States. Earnings have not been able to keep pace with increasing house prices, and we are locked into a seller's market for some time to come. The best thing to do if you want to buy a home makes a plan for yourself.
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