Real Estate Market Update – San Diego
NAR Chief Economist Lawrence Yun talks about the factors that led to the decline in existing-home sales in September: summer sales were stronger than usual, affordability is at a five-year low, income is not rising at the same rate as home prices, and interest rates are going up.
Other fiscal indicators mark that in 70+% of America’s largest cities it is cheaper to buy then rent. This means it is the time to buy. The waiting for the bottom that so many eager prospective homeowners were waiting for as come and long gone. If home prices continue to rise at this rate, you may not be able to afford what you could just months previous.
See San Diego Real Estate Market Report for September 2013