Monthly Market Overview North San Diego County May 2021

As the weather warms and pandemic restrictions ease across much of the country, the U.S. housing market shows little sign of cooling. Robust buyer demand, fueled by low mortgage rates, continues to outpace supply, which remains near historic lows. Nationwide, inventory remains much lower than it was at this time last year, and sales prices are surging as a result.

  • Closed Sales increased 72.6 percent for Detached homes and 64.6 percent for Attached homes.
  • Pending Sales increased 16.6 percent for Detached homes and 7.9 percent for Attached homes.
  • The Median Sales Price was up 31.6 percent to $950,000 for Detached homes and 24.7 percent to $579,751 for Attached homes.
  • Days on Market decreased 48.4 percent for Detached homes and 61.5 percent for Attached homes.
  • Supply decreased 71.4 percent for Detached homes and 68.2 percent for Attached homes.

With such limited supply of existing homes to purchase, all eyes are on home builders to provide a much-needed boost of inventory to the market to help meet buyer demand. However, increasing material and labor costs, along with
supply chain challenges, have contributed to significantly higher construction costs, with builders passing these costs on to home buyers. And while the warmer temperatures, rising sales prices, and the reopening of the economy may draw more sellers to the market, historically low levels of homes for sale are likely to continue for some time.

Monthly

Monthly Market Overview North San Diego County May 2020

While the effects of COVID-19 in the broader economy continue, real estate activity is beginning to recover across much of the country. According to
Freddie Mac, mortgage rates have been below 3.3 percent for more than four weeks and are hovering near all-time lows, spurring strong interest by buyers and lifting showing activity up 4% nationally versus a year ago in the final week of May.

  • Closed Sales decreased 48.3 percent for Detached homes and 49.3 percent for Attached homes.
  • Pending Sales decreased 6.1 percent for Detached homes and 5.1 percent for Attached homes.
  • The Median Sales Price was up 2.1 percent to $745,000 for Detached homes and 2.2 percent to $465,000 for Attached homes.
  • Days on Market decreased 15.6 percent for Detached homes and 17.2 percent for Attached homes.
  • Supply decreased 37.5 percent for Detached homes and 24.0 percent for attached homes.

Buyers have been quicker to return to the housing market in force than
sellers, who have been showing a bit more reluctance to list their homes than is typical for this time of year. But trends are improving and as states and localities continue to moderate their COVID-19 policies, real estate activity is expected to continue to improve in the coming weeks.

San Diego North County Monthly Housing Market Indicators May 2020

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