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Blog Real Estate - San Diego Market Watch: July 2012
Market Watch: July 2012
Real Estate - San Diego
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The San Diego housing market continued its slow return to normalcy during the month of June. Median sale prices reached a twenty month high, with indicators pointing to July offering yet another small climb. Why the climb? Higher demand is one reason. However, there are two other trends to consider and be on the lookout for during the month of July.
market-watchOne trend is the decrease of foreclosure property sales. Sale of these discounted properties works to decrease the median sale prices. The other trend is the increase in coastal area sales. Homes in these areas tend to be for larger amounts, which works to increase the median. Should these trends continue, expect to see the median rise even higher during July.
June gains were strongest in homes priced above $300,000. Homes priced at less than $200,000 have become increasingly hard to find in the San Diego area. Despite a smaller amount of inventory, the sale of homes priced at $200,000 or below rose by 7% when compared to the same time last year. The percentage for homes priced between $200,000 and $400,000 rose nearly 19% when compared to last year.
There are mental factors and not just numbers to consider this month. It seems that many people feel that the housing market has bottomed and is beginning to bounce back. Many are also starting to feel that the recession is beginning to slowly let up. Though some level of uncertainly still abounds, these beliefs are making themselves known through the increase in the number of home sales as well as an uptick in home sale prices.
Interesting to note is that the number of cash sales remained extremely high. The median price paid by cash buyers rose to $232,500. This is over $7,000 higher than the previous month. This is a sign that lender requirements are still more strict than they have been in times of economic prosperity. For those who qualify, however, interest rates remain low for the time being.
Foreclosure numbers in June remained high by historical standards, but were not nearly as high as they have been. The number of purchases with multiple mortgages declined, with down payment amounts remaining stable. Each of these factors indicate that housing market distress is slowly easing. July promises to be an interesting month for both market analysts as well as home buyers in the San Diego and surrounding areas.

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Darin Redding
Written on Saturday, 07 July 2012 00:00 by Darin Redding

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Last Updated on Saturday, 07 July 2012 13:50

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