Residential real estate market healthy in Southern California

There have been concerns about the peaking of the real estate market in the southern part of California — for instance — in San Diego. However, new reports show that residential real estate price and sales appreciation in this part of the state continue to be healthy. In fact, pending home sales there rose more than 7 percent between last July and this July.

According to industry experts, the more than 7 percent increase in pending home sales is above the average of 3.5 percent statewide. In addition, the median home value in this part of the state was more than $500,000. This is more than a 5 percent increase from last year at the same time.

Industry experts have stated that Southern California and the Bay Area are growing at a much faster pace than the entire nation. While growth remains positive, the extremely rapid growth witnessed over the past several years has been toning down lately. During the past few months, optimism among real estate agents has been waning with respect to market conditions.

The fact that Southern California still appears to have a healthy real estate market even in the midst of real estate agents’ waning optimism may be enticing for buyers who are interested in purchasing new homes or those who finally want to make the switch from renting to buying. However, each real estate deal is different and not knowing how to approach a deal’s idiosyncrasies can cause the deal to fall through altogether. Appropriate legal guidance may help residential real estate buyers and sellers to execute their deals successfully in the Golden State.

Source: timesofsandiego.com, “New Reports Show Healthy Real Estate Market in San Diego“, Chris Jennewein, Aug. 25, 2016