“Home prices are currently rising more quickly than either per capita personal income (3.1%) or wages (2.2%), narrowing the pool of future home-buyers.
All of this suggests that some future moderation in home prices gains is likely,” he said. “Moreover, consumer debt levels seem to be manageable.”
On Memorial Day last year we had 1,037 active NSDCC listings, and today there are 973 houses for sale. The LP-per-sf, average DOM, and average SF are all about the same too!
Given that the houses, sellers, and buyers are virtually 100% different this year, the statistics being virtually identical to last year is an amazing feat of human psychology!
Click on the link below for the complete NSDCC active-inventory data:
The classic beach bungalow has special appeal to those who remember growing up near the ocean and living in one just like this – and there aren’t many left! You’ll be paying close to a million or more to be this close to the sand anywhere else in North SD County – and this can be yours for $649,000!
I saw Bob Dylan at Pechanga in 2008 – one of the best shows ever. He mumbled through the night in his gravely voice while the band rocked the joint. Here he is closing down Letterman – an instant classic:
We saw yesterday that the number of sales in the first four months of 2015 was only exceeded by those in 2013 – which was the only other time mortgage rates were in the mid-3s.
Let’s compare the mortgage-rate history of those two years:
In 2015, the spring kick got a early boost as rates dropped close to the enticing 3.5% range. But now rates are on the upswing.
This graph from the latimes.com shows how prices jumped substantially in the first half of 2013, but stalled as soon as rates began rising:
The lower rates haven’t boosted prices as much this year – of course, we started at a higher point. Rising rates now should cause at least the same effect that they did in the second half of 2013 – flatsville.
