San Diego homebuyers still have jobs and want homes, says Alan Nevin, Director of Economic and Market Research, Xpera Group. "COVID is bad, but it has not deterred the homebuying public from taking advantage of low interest rates if, in fact, they can find a home for sale that meets their needs. And, as our employment numbers show, most folks who are candidates for home acquisition are still working."
Inventory has been an issue, particularly since the state shutdown in March, but new listings have been increasing steadily since then. July is looking good with the most Pending sales to date this year, and we're anticipating August will come in strong as well, particularly with the phenomenal interest rates available now and into the foreseeable future.
The availability of Detached homes under $500k has been declining, putting additional pressure on the need for more Attached listings below that price point. Though the limited inventory of Detached homes under $500k has resulted in a decline in sales in that category, the total number of homes sold in higher price ranges have all increased:
Detached Home Sales, June 2020 compared to June 2019
Under $500,000 71% (down)
$500,000 - $750,000k 106% (up)
$750,000 - $1,000,000 104% (up)
Over $1,000,000 102% (up)
Wondering if it makes sense for you to make a move this summer or fall? Reach out to me to talk things through.
Have a great upcoming weekend!