Summer Was Hot For The Local Housing Market

Real estate

Summer Was Hot For The Local Housing Market

Solana Beach, CA housing market heats up with the summer temperatures.  

We all know that the temperatures heat up in the summer, but the mercury wasn’t the only thing that rose in recent months. In June, the San Diego County housing market had one of its best months in history.

Over the course of the month, sales hit levels that didn’t just shatter recent records, they also topped pre-recession sales! Furthermore, the median sales price for homes in the area hit numbers that are the highest we’ve seen in almost eight years.

In June, median home prices hit $476,000, a 5.8 percent increase over June 2014. That was the highest median home price San Diego County had experienced since July 2007. More impressive was the number of sold homes, though. Sold homes reached 4,467, a staggering 21 percent increase from June last year! These numbers mirrored 2006’s housing bubble numbers, when 4,533 homes changed hands in June of that year.

The hot market is thanks to two factors. The increased number of sales is largely driven by historically low mortgage rates, which are making it more affordable for many Americans to pursue their dream of homeownership. A shortage of for-sale homes have helped drive prices up for those that are on the market. The low mortgage rates combat rising prices, driving more buyers to the market even as sellers capitalize on the opportunity to sell while prices are on the up.

Clearly, the days when there was uncertainty about the wisdom of investing in property are well behind us. If you want to get in on this healthy, growing market while mortgage rates are low, visit Ranch & Coast Mortgage Group Inc. today. We’re dedicated to helping people in Solana Beach and the surrounding California areas get the mortgages they need to make the most of the current hot market.