The Lawhead Team would like to share the latest HomeDex Report for North San Diego County for July:

Summer 2022 has been a season of change for the U.S. real estate market. With housing affordability at a 33-year low, existing-home sales have continued to soften nationwide, falling 5.9% month-to-month and 20.9% year-over-year as of last measure, according to the National Association of REALTORS® (NAR). Pending home sales have also continued to decline, while new listings have steadily increased, with unsold inventory reaching 3.3 months’ supply at the start of August. The pullback in demand has been particularly hard on homebuilders, causing new-home sales and construction to slow.

Closed Sales decreased 34.2 percent for Detached homes and 27.1 percent for Attached homes. Pending Sales decreased 32.9 percent for Detached homes and 31.3 percent for Attached homes.

The Median Sales Price was up 4.8 percent to $985,000 for Detached homes and 15.9 percent to $672,500 for Attached homes. Days on Market increased 60.0 percent for Detached homes and 75.0 percent for Attached homes. Supply increased 20.0 percent for Detached homes and 45.5 percent for Attached homes.

Inflation, higher interest rates, and fears of a potential recession have taken a toll on buyers and sellers this summer, leading many people to stay on the sidelines to see what will happen with the market. But some experts, including NAR Chief Economist Lawrence Yun, believe the worst of inflation may be over. Although sales prices remain up from this time last year, price growth is expected to moderate in the months ahead as the market continues to shift in a more buyer-friendly direction.

The HomeDex Report is from North San Diego County Association of Realtors.

The Lawhead Team would like to share the latest HomeDex Report for North San Diego County for July:

The U.S. housing market has continued to cool, as rising mortgage rates and record-high sales prices have stifled affordability, weakening demand and pricing out a multitude of buyers. Nationally, median household income has failed to keep pace with increasing mortgage payments, with the costs of buying a home about 80% more expensive now than they were just three summers ago, according to the National Association of REALTORS® (NAR). As more and more prospective buyers find their home purchase plans delayed, many are turning to the rental market, where competition has intensified due to increased demand.

Closed Sales decreased 45.0 percent for Detached homes and 38.5 percent for Attached homes. Pending Sales decreased 34.7 percent for Detached homes and 32.9 percent for Attached homes.

The Median Sales Price was up 4.7 percent to $1,020,425 for Detached homes and 17.8 percent to $684,005 for Attached homes. Days on Market increased 35.7 percent for Detached homes and 60.0 percent for Attached homes. Supply increased 25.0 percent for Detached homes and 30.8 percent for Attached homes.

At a time of year when homebuying activity is typically very strong, soaring homeownership costs have caused home sales to decline nationwide for the fifth consecutive month, with existing-home sales falling 5.4% month-tomonth and 14.2% year-over-year as of last measure, according to NAR. But there is a bright spot. Inventory of existing homes has continued to climb this summer, with 1.26 million homes available at the beginning of July, equivalent to a 3 months’ supply. And despite the summer slowdown, homes are still selling quickly, with the typical home staying on market an average of 14 days.

The HomeDex Report is from North San Diego County Association of Realtors.

The Lawhead Team would like to share the latest HomeDex Report for North San Diego County for February:

The U.S. real estate market remains hot ahead of the spring selling season, with existing home sales up 6.7% as of last measure, according to the National Association of REALTORS®. Experts attribute the growth in sales to an uptick in mortgage interest rates, as buyers rushed to lock down their home purchases before rates move higher. Mortgage rates have increased almost a full percentage point since December, with the average 30-year fixed-rate mortgage briefly exceeding 4% in February, the highest level since May 2019.

Closed Sales decreased 11.3 percent for Detached homes and 6.6 percent for Attached homes. Pending Sales decreased 15.6 percent for Detached homes and 18.2 percent for Attached homes.

The Median Sales Price was up 13.4 percent to $957,500 for Detached homes and 22.0 percent to $670,000 for Attached homes. Days on Market decreased 22.7 percent for Detached homes and 25.0 percent for Attached homes. Supply decreased 57.1 percent for Detached homes and 50.0 percent for Attached homes.

Inventory was at an all-time low of 860,000 as February began, down 17% from a year ago and equivalent to 1.6 months supply. According to Lawrence Yun, Chief Economist at the National Association of REALTORS®, much of the current  housing supply is concentrated at the upper end of the market, where inventory is increasing, while homes priced at the lower end of the market are quickly disappearing, leaving many first-time buyers behind. The shortage of homes is boosting demand even further, and with bidding wars common in many markets, it’s no surprise sales prices continue to soar.

The HomeDex Report is from North San Diego County Association of Realtors.

The Lawhead Team would like to share the latest HomeDex Report for North San Diego County for January:

The 2022 real estate market begins where 2021 left off, in which existing home sales reached their highest level since 2006, with the National Association of REALTORS® reporting sales were up 8.5% compared to the previous year as homebuyers rushed to take advantage of historically low mortgage rates. Home sales would’ve been even greater were it not for soaring sales prices and a  shortage of homes for sale in many markets, forcing a multitude of buyers to temporarily put their home purchase plans on hold.

Closed Sales decreased 12.8 percent for Detached homes and 17.5 percent for Attached homes. Pending Sales decreased 8.3 percent for Detached homes and 7.3 percent for Attached homes. The Median Sales Price was up 18.4 percent to $947,000 for Detached homes and 11.4 percent to $595,000 for Attached homes. Days on Market decreased 26.1 percent for Detached homes and 38.1 percent for Attached homes. Supply decreased 46.2 percent for Detached homes and 50.0 percent for Attached homes.

For many buyers, 2022 marks a new opportunity to make their home purchase dreams a reality. But it won’t be without its challenges. Inventory of existing homes was at 910,000 at the start of  he new year, the lowest level recorded since 1999, according to the National Association of REALTORS®, and competition remains fierce. Affordability continues to decline, as inflation, soaring sales prices, and surging mortgage interest rates reduce purchasing power. The sudden increase in rates and home prices means buyers are paying significantly more per month compared to this time last year, which may cause sales to slow as more buyers become priced out of the market.

The HomeDex Report is from North San Diego County Association of Realtors.

The Lawhead Team would like to share the latest HomeDex Report for North San Diego County for November:

The economy is improving, unemployment is falling, and the U.S. real estate market remains strong as we head

into the holiday season, a period when activity typically slows as people take time to travel, celebrate, and spend time with loved ones. Although the market is not as frenetic as was seen earlier this year, buyer demand is high, bolstered by attractive mortgage rates and a low supply of inventory.

Closed Sales decreased 20.6 percent for Detached homes but increased 1.2 percent for Attached homes. Pending Sales decreased 10.7 percent for Detached homes and 11.4 percent for Attached homes.

The Median Sales Price was up 16.6 percent to $915,000 for Detached homes and 25.7 percent to $635,000 for Attached homes. Days on Market decreased 10.0 percent for Detached homes but increased 6.7 percent for Attached homes. Supply decreased 56.3 percent for Detached homes and 58.3 percent for Attached homes.

The most recent data from the National Association of REALTORS® reports the median single-family existing home sales price rose 16% in the third quarter of this year to $363,700, with all four regions of the country experiencing double-digit price growth. In new construction, builder confidence increased in November, surpassing analyst expectations and rising to 83 on the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), the highest level since spring, despite persistent labor and supply chain challenges and a shortage of available lots.

The HomeDex Report is from North San Diego County Association of Realtors.

Supply constraints and higher home prices will bring California home sales down slightly in 2022, but transactions will still post their second highest level in the past five years, according to a housing and economic forecast recently released by the California Association of REALTORS® (C.A.R.).

The baseline scenario of C.A.R.’s “2022 California Housing Market Forecast” sees a decline in existing single-family home sales of 5.2 percent next year to reach 416,800 units, down from the projected 2021 sales figure of 439,800. The 2021 figure is 6.8 percent higher compared with the pace of 411,900 homes sold in 2020.

The California median home price is forecast to rise 5.2 percent to $834,400 in 2022, following a projected 20.3 percent increase to $793,100 in 2021 from $659,400 in 2020. An imbalance in demand and supply will continue to put upward pressure on prices, but higher interest rates and partial normalization of the mix of sales will likely curb median price growth.

Additionally, a shift in housing demand to more affordable areas, as the trend of remote working continues, will keep prices in check and prevent the statewide median price from rising too fast in 2022.

“A slight decline next year from the torrid sales pace of the past year-and-a-half will be a welcome relief to potential homebuyers who have been pushed out of the market due to high market competition and an extremely low level of homes available for sale,” according to C.A.R. President Dave Walsh. “Homeownership aspirations remain strong and motivated buyers will have more inventory to choose from. They will also benefit from a favorable lending environment, with the average 30-year fixed rate mortgage remaining below 3.5 percent for most of next year.”

C.A.R.’s 2022 forecast projects growth in the U.S. gross domestic product of 4.1 percent in 2022, after a projected gain of 6.0 percent in 2021. With California’s 2022 non-farm job growth rate at 4.6 percent, up from a projected increase of 2.0 percent in 2021, the state’s unemployment rate will decrease to 5.8 percent in 2022 from 2021’s projected rate of 7.8 percent.

Growing global economic concerns will keep the average for 30-year, fixed mortgage interest rates low at 3.5 percent in 2022, up from 3.0 percent in 2021 and from 3.1 percent in 2020 but still low by historical standards.

“Assuming the pandemic situation can be kept under control next year, the cyclical effects from the latest economic downturn will wane, and a strong recovery will follow,” according to C.A.R. Vice President and Chief Economist Jordan Levine. “However, structural challenges will reassert themselves as the normalization of the market continues. Demand for homes will continue to outstrip available supply as the economy improves, resulting in higher home prices and slightly lower sales in 2022.”

As your title partner, we’re here to support you and your clients throughout each transaction in this ever- changing market.

Adapted from an article published by the C.A.R. (California Association of REALTORS®)

The Lawhead Team would like to share the annual HomeDex Report for all of 2020 for North San Diego County from North San Diego County Association of Realtors:

The 2020 housing market was unexpectedly turbulent towards the end of the first quarter due to the pandemic that spread across the country. As the first wave of COVID-19 hit in the spring, housing market activity slowed substantially before staging a dramatic comeback just a couple months later.

Buyer activity was the leader again in 2020. With mortgage interest rates setting record lows multiple times throughout the year and a strong drive by many buyers to secure a better housing situation – in part due to the new realities brought on by COVID-19 – many segments of the market experienced a multiple-offer frenzy not seen in the last 15 years or more.

While markedly improved from their COVID-19 spring lows, seller activity continued to lag buyer demand, which had strengthened the ongoing seller’s market for most housing segments as inventories remain at record lows.

Sales: Pending sales increased 5.5 percent, finishing 2020 at 17,059. Closed sales were up 4.0 percent to end the year at 16,623. Nationally, pending sales were up in 2020 but a handful of markets did see buyer demand lower for the year due to a combination of factors.

Listings: Comparing 2020 to the prior year, the number of homes available for sale was lower by 64.0 percent. There were 1,150 active listings at the end of 2020. New listings decreased by11.1 percent to finish the year at 20,464.

Distressed: The foreclosure market continued to remain a small player in the overall market amid numerous forbearance efforts undertaken by the government and lenders. In 2020, the percentage of closed sales that were either foreclosure or short sale remained the same as last year, at 0.4 percent of the market. Foreclosure and short sale activity may tick higher in 2021 as forbearances expire with some homeowners unable to meet their obligations.

Prices: Home prices were up compared to last year. The overall median sales price increased 9.0 percent to $676,000 or the year. Single-Family Detached home prices were up 9.5 percent compared to last year, and Single-Family Attached home prices were up 8.0 percent.

List Price Received: Sellers received, on average, 98.6 percent of their original list price at sale, a year-over-year reduction of 1.6 percent.

The housing market in 2020 proved to be incredibly resilient, ending the year on a high note. Home sales and prices were higher than 2019 across most market segments and across most of the country. Seller activity recovered significantly from the COVID-19 spring decline, but overall activity was still insufficient to build up the supply of homes for sale.

As we look to 2021, signals suggest buyer demand will remain elevated and tight inventory will continue to invite multiple offers and higher prices across much of the housing inventory. Mortgage rates are expected to remain low, helping buyers manage some of the increases in home prices and keep them motivated to lock in their housing costs for the long term. These factors will provide substantial tailwinds for the housing market into the new year.

The annual HomeDex Report is from the North San Diego County Association of Realtors.

The Lawhead Team would like to share November’s home sales statistics for California. Stay tuned for December’s coming shortly also! If you are thinking of selling, now is the time!!

Inventory was at the lowest level it has been in California in over 16 years! There is 1.9 months of supply.

A home, in November, stayed on the market for 9.0 days on average. This is a record low time for homes to stay on the market.

Sales to list price ratio was 100.5% – the highest record in the last 30 years!

Home sales reached the highest number in 15 years. California existing single-family home sales reached an average of $508,820. The year to year growth for California existing single-family home sales went up 26.3%.

California existing single-family home median price as of the end of November 2020 is $699,000.

Call The Lawhead Team to find out what your home is worth, Because Two Lawheads Are Better Than One!

Below is the HomeDex Report for November for both attached and detached homes in North San Diego County.

November saw the Dow Jones Industrial Average top 30,000 for the first time, while mortgage rates reached new record lows again. These new records have provided encouragement for buyers to move forward on home purchases, which continued to remain strong overall for the month,

Closed Sales increased 14.9 percent for Detached homes and 1.1 percent for Attached homes. Pending Sales increased 3.6 percent for Detached homes but decreased 8.8 percent for Attached homes.

The Median Sales Price was up 12.7 percent to $789,000 for Detached homes and 11.9 percent to $525,000 for Attached homes in November. Days on Market decreased 51.2 percent for Detached homes and 50.0 percent for Attached homes. Supply decreased 59.3 percent for Detached homes and 57.1 percent for Attached homes.

Showing activity remains higher than the same period a year ago across most of the country, suggesting that strong buyer demand is likely to continue into what is typically the slowest time of year. With inventory remaining constrained in most market segments, sellers continue to benefit from the tight market conditions.

The Lawhead Team would like to share the latest HomeDex Report for North San Diego County for October:

October continued to be busier than the calendar normally suggests. Buyer activity remains higher than normal for this time of year, while in many segments of the market housing supply remains much lower than one year ago. Multiple offers remain a common occurrence in many areas, keeping housing hot while the temperatures continue to fall.

Closed Sales increased 36.6 percent for Detached homes but decreased 19.8 percent for Attached homes. Pending Sales increased 35.7 percent for Detached homes and 14.7 percent for Attached homes.

The Median Sales Price was up 11.8 percent to $777,000 for Detached homes and 7.2 percent to $504,000 for Attached homes. Days on Market decreased 38.5 percent for Detached homes and 35.3 percent for Attached homes. Supply decreased 50.0 percent for Detached homes and 53.8 percent for Attached homes.

Mortgage rates dropped to new record lows again in October, helping to offset the monthly mortgage payment increases caused by the rise in home prices seen in many segments of the market across the country. While prices often dip a bit in the winter months, continued buyer demand may temper any price retreats this year.

The HomeDex Report is from North San Diego County Association of Realtors.