Whether you have been thinking about selling your home or buying one, the question for quite a while has been, “Is this a good time?”
A recent article in the Wall Street Journal reveals that we are finally seeing an increase in home prices and that the current inventory of homes for sale is decreasing. These are important indicators that the market trend is heading in the right direction. In a survey of forecasters, they found that approximately 94 percent believe the housing market has reached its bottom.
The mortgage rates continue to be at an extraordinarily low percentage showing potential buyers that they can afford to purchase more house than ever before — another encouraging sign.
The California Association of Realtors (CAR) reported California’s housing market continued to show signs of improvement in June, as home sales experienced solid gains annually and home prices reached their highest level since August 2010 while California’s housing inventory remained flat in June.
The National Association of REALTORS® (NAR) also reported last week that the pace of existing home sales fell in June, while prices continued their upward trend. The national median existing-home price for all housing types in June, up 7.9 percent from 2011 — the fourth consecutive monthly price gain from a year earlier. June’s gain was the strongest since February 2006 when the median price rose 8.7 percent.
In San Diego County, our local market also shows the same benchmarks as described in the National and State statistics. According to data for June 2012 provided by the San Diego Association of Realtors (SDAR) for existing home sales, both volume and price have increased over the prior month and when compared to June of 2011. In San Diego, we are up in listings sold by 21 percent over this time last year and in total of sales volume of all homes by 30 percent. To say the market has changed is clear and solid. We have not seen these types of increases since the market started its downturn years ago.
To find out how your immediate area and local market compares with these statistics, contact your local Real Estate agent for help. This is positive evidence that whether buying or selling, it is a good time.