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Overall, San Diego's economy is quite strong. 30-year fixed-rate home mortgages rates are very low. In September 2020, the rate was 3. 56 percent, near an all-time low. Compare that to the same time in 2019, which was 4. 6 percent. This is the most affordable it's been considering that 2016. 15-year fixed-rate home mortgage rates show a similar story.

According to Trulia, long-lasting mortgage rates are still on the decrease. In spite of the increasing housing costs, the low home loan rates make this possibly a perfect time to buy. In comparison to the very first half of 2018, 2019 had roughly 22% more listings. And  Read More Here  of listed houses is the highest because 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 said that this is from a growing divide between purchasers and sellers. He declares that sellers are much less going to budge on their price due to the fact that they connect a lot of feeling into their single-family houses.

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On the other hand, purchasers are positive that the market has actually reached a rate peak. This makes them less ready to wish to buy the house at a greater rate. That disparity is making homes remain on the market longer and a less portion of houses being offered. Though houses are taking longer to sell in 2019 than in 2018, homes are still selling quite fast.

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

Yet this does indicate that just 49 percent of homes are being offered in 2019 as compared to 65 percent in 2018. Unlike in 2018, buyers are not as positive in the market in basic, according to John Yen Wong. The increasing prices, increased listing, and the disparity in between what purchasers are ready to pay and sellers are eager to cost are triggering this relative dip in home sales.