In San Diego, sales are soaring while prices are holding steady, according to the latest figures released by DataQuick this week.
The median price for homes in San Diego County was $285,000 last month, the same as one month before and $5,000 above January’s median of $280,000. Sales were up 43% from one year earlier, the largest increase for any March in the past five years.
For all of Southern California, sales were up over 50% while median prices fell 35%.
The average payment on a mortgage loan in March was $1,074, down nearly $800 from one year earlier, illustrating again the exceptional affordability brought on by discounted prices and the lowest interest rates in 40 years.
With the overall inventory of resale homes below 14,000 for the first time in three years, it would take less than 5 months to deplete all inventory at the current pace of sales. However, at price points below $400,000, there is less than two months of active inventory, according to DataQuick.
The median price for homes in San Diego County was $285,000 last month, the same as one month before and $5,000 above January’s median of $280,000. Sales were up 43% from one year earlier, the largest increase for any March in the past five years.
For all of Southern California, sales were up over 50% while median prices fell 35%.
The average payment on a mortgage loan in March was $1,074, down nearly $800 from one year earlier, illustrating again the exceptional affordability brought on by discounted prices and the lowest interest rates in 40 years.
With the overall inventory of resale homes below 14,000 for the first time in three years, it would take less than 5 months to deplete all inventory at the current pace of sales. However, at price points below $400,000, there is less than two months of active inventory, according to DataQuick.
To read the Union Tribune on San Diego's improving conditions, click HERE
