San Diego Housing Market Update July 22-28, 2022
There are several signs of the real estate market stabilizing, at least in the short run. Mortgage rates have continued to fall slowly and now some buyers are getting rates in the high 4% range. This quite the improvement from rates in the 6%. New listings have leveled off and pending sales have ticked up slightly. Rates went up so quickly over the past few months but have finally leveled off.
The housing market is highly correlated to interest rates. Even though the Fed raised rates, the Market really dictates home mortgage rates. The Market had already priced in the 0.75% interest hike and since the Fed didn't raise it to 1%, the Market's fears eased and rates came down.
Depending on how deep this recession winds up being, this will be a big factor in how big of an impact there is on the Real Estate market. If layoffs continue and suddenly many people do find themselves out of work, that's going to take a toll on the housing market.
Curtis Chism, Realtor
858-281-2568 | Mobile
mailto:info@sandiegohomes.io
Chism Team | DRE #02105113
brokered by eXp Realty | DRE #01878277
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