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Overall, San Diego's economy is rather strong. 30-year fixed-rate home loans rates are really low. In September 2020, the rate was 3. 56 percent, close to an all-time low. Compare that to the exact same time in 2019, which was 4. 6 percent. This is the most affordable it's been since 2016. 15-year fixed-rate home mortgage rates show a comparable story.

According to Trulia, long-term mortgage rates are still on the decline. Regardless of the rising housing rates, the low home loan rates make this possibly an ideal time to purchase. In comparison to the very first half of 2018, 2019 had roughly 22% more listings. And the variety of listed homes is the greatest since 2015.

Though it is the most affordable rate in the previous 5 years. The director of John Burns Real Estate Consulting, Dan Kuhn, has actually stated that this is from a growing divide in between purchasers and sellers. He claims that sellers are much less going to budge on their price since they tie a great deal of emotion into their single-family houses.

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On the other hand, buyers are positive that the market has reached a price peak. This makes them less going to want to purchase your house at a higher rate. That variation is making houses remain on the marketplace longer and a fewer portion of homes being sold. Though houses are taking longer to offer in 2019 than in 2018, homes are still offering quite quick.

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---- San Diego home sales have actually continued to stay sluggish. They are down 8 percent from this time in 2015, and 70 percent of what they remained in the peak year of 2003. Information reveals that 18,979 houses were offered in the very first half of 2019 as compared to 20,540 houses offered in the very first half of 2018.

Yet this does indicate that only 49 percent of houses are being sold in 2019 as compared to 65 percent in 2018. Unlike in 2018, buyers are not as confident in the market in general, according to John Yen Wong. The rising rates, increased listing, and the disparity between what buyers are prepared to pay and sellers aspire to sell at are triggering this relative dip in house sales.