The housing market continues to be a sign of strength in the U.S. economy, even while still struggling with the COVID-19 pandemic. The S&P CoreLogic Case-Shiller index of property values increased 3.9% from 2019, beating the estimate of 3.6%, which was the biggest year-over-year increase since December 2018.
A snapshot of the current San Diego County and Orange County markets compared to prior years illustrates record low inventory, incredibly strong demand, and a very low expected market time.
Mortgage rates, affordability, and the lowest supply in history since being tracked are contributing to an increase in home values in all price ranges.
“Over the past months we have seen this trend in our Southern California markets,” says Linnea Arrington, President San Diego Funding/Great Pacific Funding.” We see no signs of a downturn in home prices and expect them to remain strong because of the combination of low interest rates, strong buyer confidence, and lack of inventory in the market.”
We are in a very HOT Real Estate Market, and this means that the market is poised to accelerate and appreciate from here. Housing demand and limited inventory are creating tremendous opportunities for sellers to sell for top dollar. At the same time, historically low interest rates are making purchasing more affordable for home buyers. The bottom line is that the market continues to move quickly, and now is the time for both buyers and sellers to make a move!
If you’re looking to find the perfect home or sell your current residence, please visit pacificsothebysrealty.com to connect with one of our global real estate advisors.