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Contract signings are slowing as affordability declines, NAR Chief Economist Lawrence Yun says, as he released NAR's pending home sales index, a leading indicator, for September, which dropped 5.6 percent from the previous month.
Janett Lewis's insight:
http://www.janettlewis.com This is a great time for buyers to get back in the game! Prices have increased and interests rates have increased slightly but that also caused the market to slow. This means there is a little less competition for buyers in todays San Diego housing market.
The largest 12 month home price increase since 2005 occurred recently in San Diego, announced Scott Cheng, of Cheng Realty. Prices for homes increased 20.4 % in many areas of San Diego, from September 2012 to September 2013. This makes San Diego ranked seventh in the nation. This upward trend is also being seen in other cities of California including Sacramento, San Francisco, Los Angeles, which rank first, second, and fourth respectively. Las Vegas, Orlando and Phoenix were ranked third, fifth and sixth in that order. “New listings in San Diego have also increased. This is great news for both people who are looking to sell and people who are looking to buy”, states Cheng. “Some home sellers are seeing their house prices recover and are looking to sell at a price that is not upside down. On the other side, home buyers are finding a larger selection of homes from which to choose.” The housing market continues to recover over the past year with help from low mortgage rates, lo
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