The San Diego County Real Estate Market Trends Report

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Trends at a Glance

	Aug 2016		Previous Month	Year-over Year
Median Home Price	0.0%	$595,000	$595,000	+10.2%	$540,000
Average Sales Price	+8.9%	$847,592	$778,657	+5.5%	$803,530
No. of Homes Sold	-2.3%	433	443	0.0%	433
Pending Properties	+1.1%	638	631	-3.3%	660
Foreclosures Sold	+75.0%	7	4	+16.7%	6
Short Sales Sold	N/A	0	0	-100.0%	1
Active Listings	0.0%	1075	1075	-2.6%	1104
Active Foreclosures	0.0%	13	13	+116.7%	6
Active Short Sales	-100.0%	0	1	N/A	0
Sales Price vs. List Price	+0.1%	98.1%	98.0%	0.0%	98.1%
Average Days on Market	+13.6%	34	30	-8.7%	37

Market MomentumEnlarge Graph

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Market Report Commentary

Scammers Posing as Your Real Estate Agent

I was reading this article in Money Magazine and decided to share it with you. There’s a scam afoot, or, shall we say, a-wire that prospective homebuyers may want to be on the lookout for, and it happens like this:...

DOWN PAYMENT RESOURCE

Coming up with a down payment to buy a home is one of the most difficult things for a first-time buyer to do. There are over 400 down payment assistance programs available in California. The California Association of...

Mortgage Rate Outlook

More Distant Fed Thunder September 9, 2016 -- Perhaps the modest August employment report of last is sufficient to edge the Fed closer to a move at its next meeting, a get-together just about 10 days from now. Last...

Central San Diego Stats At A Glance

Year-Over-Year Median home prices increased by 10.2% year-over-year to $595,000 from $540,000. The average home sales price rose by 5.5% year-over-year to $847,592 from $803,530. Home sales fell by 0.0%...

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Sales BreakdownEnlarge Graph

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Sales To DateEnlarge Graph

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Sale Price RatioEnlarge Graph

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Mortgage Rate Outlook

More Distant Fed Thunder

September 9, 2016 -- Perhaps the modest August employment report of last is sufficient to edge the Fed closer to a move at its next meeting, a get-together just about 10 days from now. Last week, we noted that "if the Fed does intend to move, we would expect to see increasing rhetoric to this regard in the coming days", and amid a week with a Monday U.S. holiday and a light slate of data, some new words to that effect were quite clear.

"A failure to continue on the path of gradual removal of accommodation could shorten, rather than lengthen, the duration of this recovery," said Eric Rosengren, President of the Federal Reserve Bank of Boston and a voting member on the Fed's policy-setting committee.

Mr. Rosengren's words join other important voices, including Fed Vice Chairman Fischer's, all focused around the prospects for a rate hike before too much more time has passed. It is not clear that the financial markets are prepared for a hike in short-term rates, or even if they believe such a move is coming anytime soon. To the extent that federal funds futures markets actually foresee the future, there is about a one-in-four chance of a move at the September Fed meeting. That said, markets were a bit spooked on Friday by Mr. Rosengren's comments, with stocks selling off and yields on the influential 10-year Treasury rising to levels last seen at the beginning of the summer.

HSH.com's broad-market mortgage tracker -- our weekly Fixed-Rate Mortgage Indicator (FRMI) -- found that the overall average rate for 30-year fixed-rate mortgages decreased by two basis points (0.02 percent), falling back again to 3.56 percent. The FRMI's 15-year companion barely moved as well but declined by one basis point, ticking down to an average of 2.97 percent. Popular with first-time homebuyers, rates on fully-insured FHA-backed 30-year FRMs remain a little below their Fannie and Freddie counterparts but also lost last week's upward traction, falling by one basis point to land at 3.40 percent. Lastly, the overall 5/1 Hybrid ARM slipped backwards, shedding two basis points to end at 2.93 percent on average for the week.

The first unsettled markets in a while saw underlying interest rates pop higher on Thursday and Friday, and we'll see those effects as we begin the new week. Odds favor that some of that will hold, and we think that HSH's FRMI will end next week 5-7 basis points higher, with rates possibly making it back to levels seen in the week of the "Brexit" vote.

Market MomentumEnlarge Graph

Market Report Commentary

Prices & SalesEnlarge Graph

Sales BreakdownEnlarge Graph

Days of InventoryEnlarge Graph

Sales To DateEnlarge Graph

Sale Price RatioEnlarge Graph

Scammers Posing as Your Real Estate Agent

How a Scammer Finds Their Target

DOWN PAYMENT RESOURCE

Mortgage Rate Outlook

More Distant Fed Thunder

Central San Diego Stats At A Glance

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Market Report Commentary

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Scammers Posing as Your Real Estate Agent

How a Scammer Finds Their Target

DOWN PAYMENT RESOURCE

Mortgage Rate Outlook

More Distant Fed Thunder

Central San Diego Stats At A Glance

Year-Over-Year

Compared To Last Month