There were 1,877 single-family homes sold during April in San Diego County, which is 296 more homes than the 1,581 that where sold in April of last year. The MEDIAN (midpoint) selling price was $330K, which is also up from $320K last month, but still much less than the $427K median price of April 2008.
Home Sales in North County
Real estate is local, and data for San Diego’s North County sales data is available from the North San Diego County Association of Realtors HomeDex Report. Sales figures discussed below are all for MEDIAN (midpoint) selling prices.
In the month of April, 723 detached North San Diego County homes were sold, and 4,102 homes remained on the market. Sale prices were up 7.14% over the previous month to $390K for the median home.
Affordability (number of families who can afford the median home) is now 31%, up from 17% in April of last year. The monthly payment (including principle, interest, property taxes, and insurance) for a median priced detached home in North County would be $2123 with a conventional loan, at current rates. That is an increase from $1994 in March of 2009. The median detached home sold in April was 22 years old, 1924 square feet, had 4 bedrooms and 3 bathrooms, with a lot size of 9589 square feet. Prices ranged from $75K to $6.8 million.
There were 289 attached homes sold in San Diego’s North County during April, with 1388 actives remaining on the market. Attached homes prices were up 5.9% over the previous month, with the median price at $197K.
Affordability for attached homes in North County is now at 64%, up significantly from 38% in April of last year. The monthly payment (including principle, interest, property taxes, and insurance) for a median priced attached home in North County would be $1073 with a conventional loan at market rates. That’s an increase from $1019 in March. The median attached home sold in December was 24 years old, 1113 square feet, and had 2 bedrooms and 2 bathrooms. Prices ranged from $50K to $975K.
What are the experts saying?
The Pending Home Sales Index continues to go up! What does this mean? The Pending Home Sales Index is an index that recognizes homes that have been purchased, but whose purchase has not yet been finalized. Lawrence Yun, NAR chief economist, said “This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a down payment. We need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around.”In regards to the increase in both the Pending Home Sales Index and housing affordability, NAR President Charles McMillan stated that “Compared to a year ago, the typical family can pay much less in mortgage costs for the same home, or buy a better home without necessarily increasing their monthly payment.” He continued to recognize that “For buyers who’ve been on the sidelines and have good jobs, the market has never looked more favorable. Homeownership has always offered immediate benefits and long-term value, but the advantages in today’s market are unique.”
In an even broader perspective, our Federal Reserve Chairman Ben S. Bernanke believes that nationwide economic recovery is underway. He believes that the recession is easing and growth should begin by the end of the year. Although this is great news for all of us, he also warned that recovery would be very slow, and unemployment rates are expected to remain high for some time even into the recovery period. Overall, the outlook is good and the mood is positive.
With the housing market looking up and the recession predicted to come to an end, now is definitely the time to look seriously at your options as a home-buyer. As stated by the experts, this is a very unique time with very unique opportunities. Don’t let them pass you buy!
References:
San Diego Market Trends Newsletter
HomeDex: North San Diego County Association of Realtors® (NSDCAR)