San Diego Housing Market News and Analysis
June 2016 Housing Data Rodeo
Submitted by Rich Toscano on July 16, 2016 - 2:27pm
Home prices continued their general uptrend last month. The monthly graph of median price/square foot is a bit noisy...
...so the trend is better seen with a 3-month average, as in this graph:
Inventory has been quite tight, so I'm actually surprised prices haven't been rising a bit faster, based on the historical correlation between monts of inventory and price changes shown in this graph:
I wouldn't be surprised if the red and blue lines in that chart started to converge a bit more in the months ahead. But for now, months of inventory is low enough (high enough in the above chart, where it's inverted) that at least some degree of further price gains seem likely in the near term.
Here are a couple closer looks at months of inventory... it's risen in the short term (per the seasonal pattern) but is quite low overall.
The recent plunge in mortage rates is not fully registering on these graphs yet, given the lags involved... if the low rates stick, this should be another positive for the markets in the months to come.
Here's an overview of the M2M and Y2Y changes:
And the usual barrage of charts below:
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