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SD detached home prices decrease; affordability little changed

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A third of San Diego County households were able to afford the county’s median-priced single-family detached (SFD) home in November, up slightly from 32 percent in October but down from 42 percent in November 2012, according to the North San Diego County Association of REALTORS’ HomeDex Report.

While single-family detached (SFD) median home prices in North San Diego County decreased 5.44 percent from $570,000 in October to $539,000 in November, the year-over-year median price increased 11.25 percent from $484,500, continuing a 16-month trend of year-over-year median price increases.

Single-family attached (SFA) home prices in North County rose 10.67 percent to $350,000 in November from $316,250 in October. Year-over-year SFA North San Diego County medianprice jumped 30.84 percent, compared to $267,500 in November 2012. This marked the 23rd month of year-over-year price increases.

Outside of North County, SFD median prices decreased 1.38 percent to $429,000 in November, but were up 15.98 percent from November 2012, continuing a 20-month trend of year-over-year median price increases.

Non-North County SFA prices also decreased slightly from $285,000 in October to $280,500 in November, but again were markedly higher than November 2012’s median of $256,850.

Closed escrow sales of existing single-family detached homes in San Diego County totaled 1,550 units in November. Sales in November were down 12.77 percent compared to November 2012, with total sales volume across the county at $948,332,473.

SFA home sales also dropped in November. The number of SFA homes sold countywide decreased 20.45 percent from October and 10.04 percent from November 2012.

The Median number of days-on-market for SFD homes sold in North County stayed relatively static, at 32 days in November compared to 30 days in October. The available supply of unsold inventory for SFD homes in San Diego County was 4.1 months in November, up from 3.7 months in October. Year-over-year the November 2013 inventory is up from 3.8 months supply reported in November 2012. A six to seven month supply of unsold inventory is considered normal.

Mortgage rates increased in November according to Freddie Mac, with the 30-year fixed-mortgage interest rate averaging 4.26 percent, up from 4.19 percent in October and 3.35 percent in November 2012. Adjustable-mortgage interest rates in November averaged 2.61 percent, down from 2.63 percent reported in October and up from 2.57 reported in November 2012.

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