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What’s Up with San Diego, CA Real Estate This Week?

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Real Estate Agent with Big Block Realty 858.232.8722 CA BRE# 01261476

What’s Up with Real Estate?

National news and local views for the week ending Friday, April 26, 2024

Thomas J. Nelson

Thomas J. Nelson has been a California REALTOR though many markets since 1999. His expertise will guide you through the journey to achieving your goals in real estate.

National Real Estate News

Buyers gotta buy

 
Buyers gotta buy

Pending sales (signed contracts to purchase an existing home) rose 3.4% month-over-month in March 2024 [Source: NAR]. This despite average 30-yr mortgage rates hovering around 7% and record home prices in many areas. A larger number of homes for sale certainly helped (up roughly 20% year-over-year), but the real story is pent-up demand. Life happens, and when it's time to move, it's time to move.

Slowing economy, rising prices?

 
Slowing economy, rising prices?

Real GDP grew at an annualized pace of 1.6% in Q1 2024, well below both Street expectations (2.5%) and the previous quarter's growth (Q4 2023: 3.4%). A cooling economy should have been positive for the bond market, but instead bond prices got crushed, sending bond yields and mortgage rates higher. Why? Q1 2024 inflation - as measured by Private Consumption Expenditures - appeared to reaccelerate [Source: BEA]

 

So here we are again

So here we are again

We will find out today (Friday), if the "sneak peek" at the PCE inflation data for March was accurate.
With 10-year US Treasury bond yields having jumped nearly 1% in the last four months (to over 4.7%),
it would not take much good news to cause a bond price rally. Expectations are for March "core" PCE
to improve slightly, from +2.8% YoY in Feb --> +2.7% YoY in Mar.

Local Market Trends

As of Friday, April 26, 2024

Thomas J. Nelson

San Diego's market is stable and booming, but it is favoring sellers, so buyers need expertise not guesswork to navigate our market. Sellers need guidance with which offer to choose and negotiation skills on both sides are a must! Hire a local expert!

 

Area Median Price Active Listings New Listings - 5 days Median Days on Market
San Diego, CA
$949,998
Trend Arrow
0%
722
Trend Arrow
-0.4%
145
23
Trend Arrow
-0.1%
92117
$1,353,500
Trend Arrow
0.2%
38
Trend Arrow
0.7%
12
17
Trend Arrow
-0.4%
92110
$1,079,950
Trend Arrow
-0.1%
18
Trend Arrow
0.3%
7
17
Trend Arrow
0.1%
92037
$3,895,000
Trend Arrow
0.2%
109
Trend Arrow
0.1%
16
38
Trend Arrow
-0.2%
Local Market Trends (Red downwards arrow/Green upwards arrow) from Mar. to Apr. 2024.
 

 

 

Thomas J. Nelson
Big Block Realty, Inc.
License #01261476

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ListReports

©ListReports 2024, all rights reserved. This information is from third-party sources and its accuracy cannot be guaranteed.

 

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Thomas J. Nelson
REALTOR®, CRS, RCS-D, CDPE, e-Pro, Certified Military Home Specialist, Luxury Home Specialist, Author, Keynote Speaker and  Podcast Host 

Serving Coastal San Diego from Carlsbad to Coronado, Downtown, Balboa Park Area,
La Jolla/UCSD & Mission Bay Park Areas
I Offer Rebates to Veterans
& Active Duty

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Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, medical advice or financial advice.  For legal advice see an attorney.   For tax advice, health or financial advice see a tax attorney, certified public accountant, or other qualified professional.
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Thomas and thank you for your market report that you are sharing with us here in the Rain.  Make it a great day!

Apr 27, 2024 09:14 AM
Nick Vandekar, 610-203-4543
Realty ONE Group Advocates 484-237-2055 - Downingtown, PA
Selling the Main Line & Chester County

This seems to be a picture we are seeing in many markets, although what I read about Florida is that they have shifted to a buyers market as they have a surplus of listings.

Apr 27, 2024 11:13 AM