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Weekly Housing Market Update San Diego
Let's take a look at the weekly housing market headlines. From rising mortgage rates, to more San Diego home owners putting their homes on the market, I've rounded up the top headlines about the housing market for the week.
According to Redfin: More Homes Hit the Market as Spring Approaches, But 7% Mortgage Rates Keep Buyers on the Sidelines
Buyers looking to purchase property are seeing more listings, according to data from the real estate platform Redfin, even though they may struggle to afford a home amid high mortgage rates and elevated prices.
Sellers are increasingly putting their houses in the market with listing up 10 percent from a year ago for the week ending February 18, the biggest jump in two months, Redfin said.
Millennials Actually Feel Good About Housing Market-Fifty-five percent of those age 27 to 42 say now is a good time to buy a home, compared to 40 percent of Gen Zers—age 18 to 26—and 32 percent of Gen X, those over 40 and under 60, according to realtor.com.
According to Realtor.com Mortgage Rates Just Hit a New High for 2024—Here’s Why The reason rates have ridden upward of late has to do with the strong economy. Despite this latest bad news for homebuyers, the good news can be seen within the bigger picture: Mortgage rates are at least down from when they reached an even higher peak in 2023, when a 30-year fixed averaged 7.79% for the week ending Oct. 26.
From San Diego Union Tribune Some San Diego mansions rent for $30K to $85K a month. Who’s renting them?
The number of San Diego mansions renting for $10K and up has doubled since the pandemic. La Jolla commands the most expensive rents. There were 249 rentals in San Diego County for $10,000 and up in the past 12 months, said Reports on Housing, up from 101 at the start of the pandemic.
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