San Diego home sales in September hit one of the lowest levels ever as mortgage rates continue to affect buyers.
Tight inventory had pushed up the median home price for months, despite rising mortgage rates, but prices dropped 1.2% monthly to $830,000 in September. The median which combines resale and newly built SFR, condo and townhouses is still up 5.1% annually.
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America’s Finest City saw its annual price gain drop to 1.6 percent in December, said the S&P Case-Shiller Indices released Tuesday. That’s down from a 30 percent rise in March.
CoreLogic chief economist Selma Hepp wrote that the West and Mountain West are seeing prices drop the quickest, but all markets are affected by rising interest rates.
The interest rate for a 30-year, fixed-rate mortgage hit a low of 6.27 percent in December, said Freddie Mac, down from a high of 7.08 percent in November. However, rates were on the rise this week, around 6.78 percent Tuesday morning, said Mortgage News Daily.
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Green Real Estate Appraiser 