The first person who calls me (yes, actually calls!) and can correctly identify:
(1) the name of the character in the image above
(2) the year it was introduced, and
(3) why was it used
will win a $100 gift card. Let the phone calls begin!
San Diego Real Estate Update
In the weeks leading up to the Federal Reserve’s highly anticipated Sept 18 meeting, where they announced a 0.5% cut in the Federal funds rate from 5.5% to 5.0%, the 30-year fixed mortgage rates experienced a gradual but steady decline. From May's average rate of 7% to today’s 6.08% rate marks a 14% decrease and the lowest level in two years. The Fed will continue to monitor economic data to determine the pace and extent of future rate cuts. For a deeper dive into how the Fed’s monetary policy impacts mortgage interest rates, check out this easily digestible article from NerdWallet.
As expected, San Diego’s real estate market showed signs of revival starting in September. As of September 30, there were 2,292 pending sales (guage of buyer demand, a 9.5% increase from August. It appears that moving past the uncertainty and speculation surrounding the Fed's actions has given people the confidence to focus on their long-term goals, reducing the paralysis seen among both buyers and sellers over the past two years. We have less than two months to go before the Holiday season when both demand and inventory will decline through the remainder of the year.
San Diego County’s real estate market remains resilient, characterized by strong demand and limited inventory, reflected in a 5.9% increase in median home price sales since the beginning of 2024. I say this often but the message could not be truer today: Attempting to time the market does not typically result in a favorable outcome. If you want to discuss your real estate question or ideas please reach out so we can work together on a plan tailored to your specific circumstances. I will provide guidance and be by your side every step of the way.
Sources: Freddie Mac, California Regional MLS, and Federal Reserve meeting minutes.
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Noel Wheeler
REALTOR
619-890-2877
DRE#01373389
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