San Diego CA November Housing and Real Estate Market Update –

Quick Recap: The economy is improving, unemployment is falling, and the U.S. real estate market remains strong as we head into the holiday season, a period when activity typically slows as people take time to travel, celebrate, and spend time with loved ones. Although the market is not as frenetic as was seen earlier this year, buyer demand is high, bolstered by attractive mortgage rates and a low supply of inventory.
 
Closed Sales decreased 20.6 percent for Detached homes but increased 1.2 percent for Attached homes. Pending Sales decreased 10.7 percent for Detached homes and 11.4 percent for Attached homes.

The Median Sales Price was up 16.6 percent to $915,000 for Detached homes and 25.7 percent to $635,000 for Attached homes. Days on Market decreased 10.0 percent for Detached homes but increased 6.7 percent for Attached homes. Supply decreased 56.3 percent for Detached homes and 58.3 percent
for Attached homes.

The most recent data from the National Association of REALTORS® reports the median single-family existing home sales price rose 16% in the third quarter of this year to $363,700, with all four regions of the country
experiencing double-digit price growth. In new construction, builder confidence increased in November, surpassing analyst expectations and rising to 83 on the National Association of Home Builders (NAHB)/Wells Fargo
Housing Market Index (HMI), the highest level since spring, despite persistent labor and supply chain challenges and a shortage of available lots.