“Homebuying activity typically takes a breather come autumn but apparently not this year.
Sales of all types of homes in San Diego County rose nearly 13 percent from September to October to 3,622, real estate tracker DataQuick said Tuesday.
That activity is unprecedented because the number of transactions typically drops substantially or rises at a relatively modest rate between those near-holiday months. In fact, the closest September-to-October percentage jump was recorded in 2007, at 8.1 percent, DataQuick numbers show.
As sales continued to heat up, the median price for a home sold in October remained at a 4-year high of $350,000. Prices have either risen or stayed flat for the past nine straight months. Compared to the same time a year ago, prices rose more than 11 percent.
“Watching the market rebalance itself is fascinating,” said DataQuick President John Walsh. “In some categories and in some neighborhoods, demand outstrips supply, pushing up prices. In other areas, the market is still largely dormant. Low interest rates are a huge factor, where mortgages are available, which they aren’t for a lot of potential buyers.”
A key challenge for potential buyers of certain neighborhoods remains lack of inventory. An October snapshot of listings put the county at roughly 5,300, which is about half of what we saw the same time a year ago.
This has caused buyers…”
Read more of this article by U~T San Diego here: “Demand for homes stays strong during the fall”.