Home prices typically soften slightly in Autumn compared to the rest of the
year. Not the case this year as the median price of all homes sold in San
Diego County rose to $475,000 last month, up from $463,000 in October. For the first
9 days of
December the median rose to
$478,000. This signals that there will probably be some upward pressure on prices for the next few
months at least.
Compared with last year, prices are up 9%. The median price in November
2014 was $435,000.
Mortgage rates for
a 30-year fixed loan for a borrower with good credit are still very low -- currently around
3.97%. The Fed has indicated it will raise short-term interest rates in
the near future. However, this may not affect long-term mortgage rates
significantly.
If you're looking to make a move, now may be a good time. Sellers
may wish to take advantage of higher prices and the
greater purchasing power that buyers have due to
low interest rates.
Buyers may wish to lock in lower interest rates
before they go up again.
Let me know if I can provide a list of recent comps in your neighborhood, or a list of homes for sale in the areas where you may be interested in buying.
Kimball Vincent
San Diego Gay Realtor
