Mortgage rates are up. Here’s what it could mean for San Diego’s home market |
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The monthly payment for a San Diego home has risen, but will it slow down the market?
MAY 12, 2022 5:35 AM PT
Higher mortgage rates mean the cost to buy a San Diego home is more expensive than a year ago but it isn’t clear yet how, or when, it will affect the red hot housing market.
It’s an untypical time for the home market as mortgage rates climb at the same time as prices. That’s the opposite of how it’s supposed to go and it’s uncharted territory for buyers and those in the real estate industry.
The average rate for a 30-year, fixed-rate mortgage was 5.3 percent Thursday, said Freddie Mac, up from R 2.94 percent a year ago. That means the monthly cost for a median-priced resale condo at $640,000 — assuming 20 percent down — would be around $3,126, up from $2,425 a year earlier.
Two things you might expect to happen in San Diego haven’t: That so many homebuyers would exit the housing market that it would lower prices, or that there would be a lot more homes not selling, which would limit competition.
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Are There More Homes Coming to the Market?
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Your copy should address 3 key questions: Who am I According to a recent survey from the National Association of Realtors (NAR), one of the top challenges buyers face in today’s housing market is finding a home that meets their needs. That’s largely because the inventory of homes for sale is so low today.
If you’re looking to buy a home, you may have noticed this yourself. But there is good news. Recent data shows more sellers are listing their houses this season, which may give you more options for your home search.
Early Signs Inventory May Be Growing
The latest data from realtor.com shows the number of listings coming onto the market, known in the industry as “new listings,” has increased since the start of the year (see graph below):
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-Several 5 Star Zillow Reviews- |
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SOLD
4933 Foothill Blvd
San Diego, CA 92109
Asking $1,725,000
Ocean Views, 4 Beds, 2 Baths, 1709 sqft.
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-Who do you know, who is thinking of selling?- |
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First Quarter Of 2022 Brings Double-Digit Price Appreciation For 70% Of Metros
I cover residential real estate, including buying, selling and trends.
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The first quarter of 2022 saw more markets reach double-digit annual price gains than the previous quarter, according to the National Association of Realtors’ latest quarterly report. Seventy percent of 185 measured metros experienced such price gains, up from 66% in the preceding quarter.
These increases come as median single-family existing-home prices rose at a faster rate nationally, 5.7%, from a year ago, up to $368,200. In comparison, the year-over-year pace in the prior quarter was 14.3%. Notably, the South made up 45% of single-family existing-home sales in the first quarter and notched a double-digit price appreciation of 20.1%. Meanwhile, the Northeast saw a climb of 6.7%, the Midwest 8.5%, and the West 5.9%.
“Prices throughout the country have surged for the better part of two years, including in the first quarter of 2022,” said NAR chief economist Lawrence Yun. “Given the extremely low inventory, we’re unlikely to see price declines, but appreciation should slow in the coming months.”
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760-580-1696
nickyjohnsonsellshomes@gmail.com
DRE# 01955362
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