Home Sales Break a 3-Year Downtrend—Here’s What it Means for You

Exciting Trends in Real Estate: What It Means for You

Big news for the housing market! For the first time in over three years, existing home sales have increased year over year, reaching an annual rate of 3.96 million in October.

So, what does this mean for homeowners and buyers in San Diego?

Here’s the good news: even though 2024 is shaping up to have the fewest home sales on record, this uptick could signal that the market is starting to recover. Whether you’re thinking about selling or buying, here’s what you should know about the trends shaping our market:

1. Rising Prices Are Building Wealth for Homeowners
If you’re a homeowner, your equity is likely growing. Nationwide, the median existing-home price rose 4% to $407,200. Locally, we're at 5.7% and our median price comes in at just over $1,000,000 so this reflects this trend, meaning now could be a great time to maximize your investment.

Economists predict continued price growth over the next few years—so if you’re on the fence about selling, let’s talk strategy!

2. Buyers Are Getting More Options
For buyers, the housing market is finally loosening up. Inventory is up 19% nationwide, and we’ve seen moderate increases in certain neighborhoods here. 

3. Buyer Demand Is Picking Up
Even with higher mortgage rates, buyers are finding ways to re-enter the market. Stabilizing rates and steady demand make this a sweet spot for sellers. For buyers, now’s the time to secure pre-approval and start exploring your options before the spring market hits and that pent up buyer demand means increased competition and higher prices. 

What This Means for Sellers
If you’re considering selling, the holidays are a great opportunity to take advantage of buyer demand before we see more inventory in the spring. Standing out is critical as inventory increases. Strategic pricing, staging, and professional marketing are key to getting top dollar.

I’m here to guide you through it all. Whether you’re buying, selling, or just curious about your options, let’s connect. https://calendly.com/shellyoneil to schedule a chat and create a plan that works for you!