LOL! What the heck is “normal”? Here’s an update as of August 30 to give you an idea about how the market is trending.
To put it simply, the San Diego County market is still hot with prices increasing and supply dwindling. In August, the median price for a detached home rose to (gulp) $850,000. That is 15% higher than the median price one year ago. Not surprisingly, the inventory of homes for sale in August was 39.1% lower than 2020. The number of days on market was also lower with...
As we head into what is traditionally the start of the home buying season we are faced with a highly competitive market, shaped primarily by lack of inventory. Active listings throughout California fell an average of 52% in February as compared to one year ago. The market was also driven by lower interest rates. In February of this year a 30-year fixed mortgage was 2.81% compared to February 2020’s rate of 3.47%.
The lower rates mean that people can afford to pay more, which they have to if...
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