San Diego housing market: Is election affecting prices
SAN DIEGO (KUSI) – Despite the countless variables this year has seen with the pandemic and now experiencing election season, the San Diego housing market remains resilient, according to realtor Kara Knooihuizen.
Strong buyer activity remains, constrained inventory will continue to produce speedy sales and multiple offers will continue to be a common occurrence. There is about a 40% inventory decrease heading into the election season.
Median sales prices have risen 17%, we hit a new record in September at $640,000.
Mortgage rates remain low, but The Mortgage Bankers Association reports that lending standards are tightening making it a bit more difficult for some buyers to qualify.
Unemployment remains substantially higher than a year ago due to the pandemic but despite all of this, buyers are out in full force this fall showing incredible resilience.