San Diego Housing Market News and Analysis
June 2017 housing data: prices up, inventory up more
Submitted by Rich Toscano on July 10, 2017 - 4:17pm
Home prices drifted further upward in June:
But in some good-ish news for potential buyers, inventory made a bit of a comeback, with months of active inventory increasing from 1.3 to 1.6 months:
Interestingly, that's the second month in a row that months of active inventory was right on top of where it was in 2013. That year saw a steep rise in inventory in the latter half of the year, but it was also accompanied by a huge first-half price rise that brought out a lot of sellers later in the year. The price increase this time around, while solid, has not been nearly as big as in 2013.
Nonetheless, the 2013 months of inventory pattern has held up thus far. We'll see what the year has in store.
Here are price changes and months of inventory mapped together. This puts the inventory improvement in perspective: it's still a very undersupplied market. Prices will likely be pressured further upward unless this changes.
More charts below. One technical note: the MLS property database has started to include San Diego properties listed in other MLS systems. This resulted in a small (~3%) boost to inventory and sales in recent months. It doesn't impact the months of inventory ratio, but sales and inventory figures on their own are a bit higher than they would have been otherwise. Keep that in mind when making historical comparisons.
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