Weekly San Diego Housing Market Update - When will prices go down?
San Diego Housing Market Week of May 1, 2023
The current housing market is very location specific. Don’t expect a housing market collapse, or rapid ascentA large chunk of homes will still sell above list price
Housing inventory issues are having an interesting impact on the market. Inventory at specific price points is nonexistent. Homeowners that purchased their homes or refinanced when rates were next to nothing have zero incentive to sell their homes and buy right now.
New listings–a measure of sellers putting homes up for sale–were down again this week, by 21% from one year ago
Homes Still Receiving Multiple Offers.
The existing home inventory is 40% lower compared to 2019, and hence, this barrier will limit an increase in existing home sales … Interestingly though, due to a significant shortfall in inventory of homes on the market, around a third of properties are getting multiple offers and homes are selling above the list price.” Typically, homes selling above asking are turnkey — meaning they’re move-in ready and don’t require any work to be done.
Mortgage applications decreased 8.8%. Rates are starting out this week slightly lower than last week at 6.35%.
Home Owner Equity
The typical homeowner gained six figures in wealth over the last decade: A new housing report by the National Association of Realtors®(NAR) revealed that middle-income homeowners gain 68% in appreciation in the last 10 years. San Diego real estate appreciated by 124.96%!
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