Sales volume takes a hit in San Diego for May 2014 but prices increase

Sales volume takes a hit in San Diego for May 2014 but prices increased. 

Data for "Prices increase but sales volume takes a hit in San Diego for May 2014" taken from the report published on June 5, 2014 by San Diego Association of Realtors.

It was a good news/bad news situation for the real estate market in San Diego for homes sold May 2014. 

The good news is that both attached and detached homes saw an increase in the median sales price in May. Detached homes reached the $500,000 level for the first time since 2007 when the annual median Sales price of a Single Family Home in San Diego was $588,700.

The number of days that a home was on the market also saw an improvement.

Most Active Area in  San Diego

The bad news is that the number of

homes sold in San Diego County dropped considerably in May 2014 compared to last month as well as a year ago.

There has been talk of low inventory for a while now.  The increasing prices have been  attributed in part to the lack of homes on the market. From Oct 2013 until Jan 2014, the number of active listings (homes for sale) in San Diego county decreased steadily.  But that has not been the case since February 2014 when the number of homes on the market began to increase once again. So why are the number of sales down?

Could it be the increasing interest rates? Is it that buyers believe the theory of another

pending housing bubble?

Whether a bubble is or is not about to burst is always up for debate.

What is becoming aparent is that if you are thinking about becoming a homeowner, waiting could cost you hundreds of dollars a month if sales prices and interest rates continue to increase.

Contact me for a referral to a Realtor® that is an expert in your area.

Want to check out the stats for homes sold in your area? Access the number by Zip Code HERE