As summer draws to a close all signs point to the San Diego real estate market settling down and reaching a state of equilibrium in October – San Diego Real Estate Update for October 2014. The median sales price for attached and detached homes are up 6.3% compared to one year ago. Inventory levels have also remained stable, which is a good sign.
San Diego ranked among the top five best performing cities in the latest (July 2014) S&P/Case-Shiller 20-City Home Price Index. The average market time for a home in San Diego is 40 days, which means the average time it takes to sell a home in San Diego is 40 days or less – a remarkable achievement considering that market times of 6 months were the norm just a few years ago.
And there’s potentially more good news for homebuyers down the road! Recent reports indicate that the stringent borrowing requirements for home loans set by Dodd-Frank are set to be reviewed in favor of a more relaxed set of standards. The FDIC, SEC and other regulators are meeting on October 22 to discuss the proposed changes to Dodd-Frank. We will post more details as we get them.
San Diego Real Estate Update for October 2014