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Residential Real Estate Market Update

February 2016 – Market Reports, By Zip Code

closed-sales

December 2015 – By Zipcode

Residential real estate is experiencing its best year since the recession. Housing demand is healthy, and that is expected to continue until the end of the year. Home sales are actually set to have their best national showing since 2006. More of the same is anticipated in 2016, but inventory and affordability challenges coupled with mortgage rate increases will likely keep any sort of monster growth in check. This should be a good thing for keeping home prices from increasing too rapidly to maintain economic stability.

Closed Sales decreased 4.9 percent for Detached homes and 3.2 percent for Attached homes. Pending Sales increased 4.6 percent for Detached homes and 22.4 percent for Attached homes.

The Median Sales Price was up 6.1 percent to $589,000 for Detached homes and 10.1 percent to $407,500 for Attached homes. Days on Market decreased 10.0 percent for Detached homes and 14.6 percent for Attached homes. Supply decreased 28.6 percent for Detached homes and 46.2 percent for Attached homes.

Unemployment rates across the nation changed little last month, which bodes well for an increase in buying activity. The national jobless rate was 5.0 percent in October, which was 0.7 percent lower than the year prior.

Although housing and employment data are quite positive at this juncture, it is still certainly possible for listings and sales to be down in year-over-year comparisons. Bad weather and the mix of housing available to buyers tend to have a greater effect on trends at the end of the year than during the midsummer months.