Fannie Mae's chief economist Doug Duncan warned that the US is headed into a moderate recession, citing a slowdown in US housing activity as a major indicator. Existing home sales have plummeted to their lowest level since 2010 and are on track to post further declines this year. High borrowing costs have pushed buyers and sellers to the sidelines, but the strength of the housing sector could help...
US home prices increased more than previously expected in Q1 2023. The increase in home prices adds to the challenges faced by buyers in the US, including inventory shortages and higher mortgage rates.Higher mortgage rates are contributing to the shortage of inventory, as potential move-up sellers are reluctant to sell due to their current low mortgage...
The U.S. housing market inventory is low due to the changes in the housing credit channels. With the current low purchase applications data and lack of credit boom, inventory has not skyrocketed like it did in 2012-2019 and is near all-time lows, leading to a low days on the market. NAR Total Inventory Data has decreased since 2007, with first-time buyers responsible for 29% of sales in April and...
Dropping prices mean a greater opportunity for buyers to purchase the home they've been waiting for. For buyers who've been priced out of the market, there's no guarantee of either a market crash or lower prices in their region of the country. Establishing a relationship with a trusted local Real Estate agent means knowing they will give you...
Rising rent may indicate the need to switch from renting to homeownership. A solid credit score improves the chances of qualifying for a mortgage with better interest rates and loan terms. Managing debt and having a manageable debt-to-income ratio are important factors in qualifying for a mortgage. Affording a down payment is a significant hurdle to...
According to the California Association of Realtors, prices of homes in San Diego County edged up in April for the second straight month, but still remain below the prices of a year ago. The median sale price of a single-family home was $930,000, down from $975,000 in April 2022. Time on the market last month was 12 days, while statewide, April's sales pace was down 4.7% from March and 36.1% from a...
San Diego’s single-family home median price was 930K in April, ↑ MoM from $915K but ↓ yearly. In April, the ratio of new houses for sale to new houses sold was 1.9, ↑ MoM and yearly. April’s sales were 418,970 homes, ↓ MoM and yearly. In addition, the competition is rising as DOM dropped to 20 days in April....
If you want to increase your home’s value, it’s important to prioritize renovations that will give you the best return on your investment. From painting walls to updating your kitchen, there are many affordable improvements you can make that will make your home more attractive to potential buyers. Investing in hardscaping and landscaping features are also great ways to improve the value of your...
The median home price in San Diego County ↑ 1.9% in April to reach $805K. However, the overall median home price is still ↓ 1.8% yearly. Despite the price increase, there were very few home sales in April, ↓ 53% yearly. Limited housing supply and competitive buyers have contributed to the rise in prices, creating a seller's market. The number...
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