As anticipated at the outset of the year, demand has remained high through the first three quarters of 2016, propping up sales and prices despite heavy reductions in inventory and months of supply across the country. With rental prices and employment opportunities in a consistent climb, year-over-year increases in home buying are probable for the rest of the year but not guaranteed.
Closed Sales decreased 2.3 percent for Detached homes and 7.2 percent for Attached homes. Pending Sales increased 17.6 percent for Detached homes and 15.4 percent for Attached homes. Inventory decreased 12.4 percent for Detached homes and 28.7 percent for Attached homes. The Median Sales Price was up 8.6 percent to $570,000 for Detached homes and 10.3 percent to $375,000 for Attached homes. Days on Market decreased 2.7 percent for Detached homes and 17.1 percent for Attached homes. Supply decreased 13.8 percent for Detached homes and 34.8 percent for Attached homes.
In general, today’s demand is driven by three factors: Millennials are reaching prime home-buying age, growing families are looking for larger homes and empty nesters are downsizing. However, intriguingly low interest rates often prompt refinancing instead of listing, contributing to lower inventory. Recent studies have also shown that short-term rentals are keeping a collection of homes off the market.
Latest Market Statistics by Zip Code
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- 92101 Downtown, Bankers Hill
- 92102 Golden Hill
- 92103 Hillcrest Mission Hills
- 92104 North Park, South Park
- 92105 City Heights
- 92106 Point Loma
- 92107 Ocean Beach
- 92108 Mission Valley
- 92115 College Area
- 92116 University Heights,Normal Heights,Kensington