July’s HomeDex Report for North San Diego County:
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.