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California home sales declined by 3.8 percent in June and by about the same amount as compared to a year ago, according to new figures out from the California Association of Realtors.

“Despite a small increase in inventory, the supply of housing remains tight in most parts of the state and continues to fuel home price increases,” said Association president Don Faught in a release. “The surge in home prices in the past year has given homeowners with previous underwater properties an opportunity to become trade-up buyers. However, many are finding this difficult because they either lack sufficient cash for a down payment or they are concerned that if they sell, they will have no place to go, given limited inventory.”

The median home price in San Diego County stood at $483,330 last month, up 2.9 percent from May and 24.5 percent from a year ago. These numbers, while steep, actually lag behind annual statewide price appreciation at 33.5 percent, though some local experts have already expressed concern San Diego home values are re-entering bubble territory.

With a steep spike in mortgage interest rates hitting the market in late June coupled with the end of the traditional high point in the real estate market coming soon (many more families try to time their moves to coincide with summer vacation to avoid transferring schools mid-year), it’s not unlikely that the rabid housing market could show signs of cooling soon.

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