San Diego County Real Estate Market Update: 11/2021
November 2021 The economy is improving, unemployment is falling, and the U.S. real estate market remains strong as we head into the holiday season, a period when activity typically slows as people take time to travel, celebrate, and spend time with loved ones. Although the market is not as frenetic as was seen earlier this year, buyer demand is high, bolstered by attractive mortgage rates and a low supply of inventory. Closed Sales decreased 12.3% for Detached homes and 11.6% for Attached homes. Pending Sales decreased 0.3% for Detached homes and 6.5% for Attached homes. Inventory decreased 44.0% for Detached homes and 64.8% for Attached homes. The Median Sales Price was up 14.7% to $860,000 for Detached homes and 25.1% to $595,000 for Attached homes. Days on Market remained flat for Detached homes but decreased 16.0% for Attached homes. Supply decreased 50.0% for Detached homes and 66.7% for Attached homes. The most recent data from the National Association of REALTORS® reports the median single-family existing home sales price rose 16% in the third quarter of this year to $363,700, with all four regions of the country experiencing double-digit price growth. In new construction, builder confidence increased in November, surpassing analyst expectations and rising to 83 on the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), the highest level since spring, despite persistent labor and supply chain challenges and a shortage of available lots.
November 2021 The economy is improving, unemployment is falling, and the U.S. real estate market remains strong as we head into the holiday season, a period when activity typically slows as people take time to travel, celebrate, and spend time with loved ones. Although the market is not as frenetic as was seen earlier this year, buyer demand is high, bolstered by attractive mortgage rates and a low supply of inventory. Closed Sales decreased 12.3% for Detached homes and 11.6% for Attached homes. Pending Sales decreased 0.3% for Detached homes and 6.5% for Attached homes. Inventory decreased 44.0% for Detached homes and 64.8% for Attached homes. The Median Sales Price was up 14.7% to $860,000 for Detached homes and 25.1% to $595,000 for Attached homes. Days on Market remained flat for Detached homes but decreased 16.0% for Attached homes. Supply decreased 50.0% for Detached homes and 66.7% for Attached homes. The most recent data from the National Association of REALTORS® reports the median single-family existing home sales price rose 16% in the third quarter of this year to $363,700, with all four regions of the country experiencing double-digit price growth. In new construction, builder confidence increased in November, surpassing analyst expectations and rising to 83 on the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), the highest level since spring, despite persistent labor and supply chain challenges and a shortage of available lots.