San Diego Housing Market News and Analysis
April 2016 Housing Data Rodeo
Submitted by Rich Toscano on May 17, 2016 - 9:25pm
After a little dip in February, San Diego home prices* experienced a sizable pop in March and April.
* (The detached home median price per square foot, to be exact... but that takes so long to type).
This isn't surprising given the low level of inventory -- note in the chart below how the price change followed the (inverted) months of inventory sharply upward, after a brief lag.
Here's that months-of-inventory figure viewed year by year. Months of inventory is slightly lower than this time last year, which argues for more upward price pressure in the months ahead.
The "fake Case-Shiller" in red (3 month average of detached price/sqft) experienced quite a bounce last month. (I really should start displaying this on a logarithmic scale... I'll put it on my list of things I should be doing to make the site more useful! It's a long list and I don't have much time these days to work on it, but I can dream).
Sales volume was quite robust, just about identical to this time last year. Those super-low mortgage rates are surely playing a part here.
The big difference betwen now and the 2013 meltup is not in demand, but in supply... there was just so little on the market back then. But still, this is the lowest April inventory we've seen since 2013.
Here's a continuous view of inventory since 2010:
And months of active inventory over the same period:
Here's the summary table for April, with the rest of the graph roundup to be found below... thank you for reading!
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