The Lawhead Team would like to share the latest HomeDex statistics for the month of August.
Want to know what is going on in North County San Diego when it comes to buying and selling homes? Check out the latest statistics from the HomeDex report:
- Rising home prices, higher interest rates and increased building material costs have pressured housing affordability to a ten-year low, according to the National Association of Home Builders. Keen market observers have been watching this situation take shape for quite some time. Nationally, median household income has risen 2.6% in the last 12 months, while home prices are up 6.0%. That kind of gap will eventually create fewer sales due to affordability concerns, which is happening in several markets, especially in the middle to high-middle price ranges.
- Closed Sales decreased 15.3 percent for Detached homes and 15.3 percent for Attached homes. Pending Sales decreased 9.4 percent for Detached homes and 10.4 percent for Attached homes.
- The Median Sales Price was up 9.4 percent to $755,000 for Detached homes and 2.3 percent to $445,000 for Attached homes. Days on Market increased 12.9 percent for Detached homes and 25.0 percent for Attached homes. Supply increased 25.0 percent for Detached homes and 46.7 percent for Attached homes.
- While some are starting to look for recessionary signs like fewer sales, dropping prices and even foreclosures, others are taking a more cautious and research-based approached to their predictions. The fact remains that the trends do not yet support a dramatic shift away from what has been experienced over the last several years. Housing starts are performing admirably if not excitingly, prices are still inching upward, supply remains low and consumers are optimistic. The U.S. economy is under scrutiny but certainly not deteriorating.
HomeDex report is from the North San Diego County Association of Realtors.