San Diego Real Estate Market Update – March 2019
San Diego Real Estate Market Update – March 2019March 18th, 2019
Mortgage interest rates have leveled off which is big news for the housing market. Rising interest rates along with minimal housing inventory contributed to a massive slowdown in the housing market. Let's see how it played out in 2018 and how it is looking in San Diego so far in 2019.
Consider the following charts:
Sold Listings - San Diego County
Mortgage Interest Rates vs. Buyer Foot Traffic
As mortgage interest rates increased, buyer foot traffic decreased. October 2018 buyer foot traffic dropped significantly as the mortgage interest rates peaked.
Historic Home Sales vs. Buyer Foot Traffic
Compared to previous years, the foot traffic in October 2018 was a drastic decline and home sales dropped accordingly. As you would expect, fewer buyers meant fewer sales.
What's Happening Now: Buyers are in the market for homes!
Mortgage interest rates have dropped and are leveling off. Buyers are back out looking for homes. Buyer foot traffic has returned to comparable levels in January 2019 as compared to previous years.
If you've been thinking about buying or selling a home, now is a good time to do it. Mortgage interest rates remain low and more inventory will be coming online as the spring market continues to heat up.