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October 2021 Home Prices in San Diego County
The San Diego Association of Realtors October Report shows the median home price in San Diego County was up 14.9% over the previous year at $862,000 for detached, single-family homes. Condos were up 18.4% over the previous year at $565,000.
Overall sales were down versus the previous year.
October 2021 Days on Market Until Sale in San Diego County
Days on the market until sale for October 2021 continued at low levels. It was 22 days on the market for single-family detached homes, down from 27 days in October 2020. For condos and duplexes, it was 45 days in October vs. 25 days in October 2020.
Mortgage Rate Expectations for November in San Diego
According to data from Freddie Mac released on November 10th, the 30 years fixed-rate mortgage stood at 2.98%, basically unchanged from early August. Rates continue to remain low, but some buyers are being priced out of the market as home prices continue to climb.
With a noticeable increase in inflation, it will be interesting to see what the Fed does in coming months. They still believe the current inflation is transitory, and due to the economy coming fully back to life after covid. The supply chains that were closed or slowed down during the pandemic are going through some growing pains as we re-open. Supply has not yet caught up to demand.
For Home Sellers in San Diego
With fewer homes available and the number of buyers at an all-time high, there has never been a better time to consider selling your house.
If you would like to get a free valuation of your home call me at 619-417-0774 or email me.
Note: Charts are courtesy of the San Diego Assoc. of Realtors and Freddie Mac
