Real Estate In San Diego California Cools Down And Buyers Have The Upper Hand

San Diego California home prices bounced back above $500,000 in February, but sales continued to decrease as rising interest rates put pressure on buyers stretching to get into their first home.

(PRWEB) April 2, 2006 -- According to statistics from the National Association of Realtors. Interest rates on a 30-year fixed-rate mortgage now average 6.46%, up from 6.14% a year ago in 2005. With interest rates rising faster the real estate market in San Diego has cooled down.

It is true there almost twice the amount of inventory in the market. The increase of inventroy in San Diego comes on the heels of reports that countywide sales for January fell below 2,000 for the first time in years. The total of 1,876 sales for that month was down sharply from 2,297 in January 2005 and 2,599 in January 2004, according to the real estate multiple listing service Sandicor.com statistics. In January of each of the three previous years, sales totals exceeded 2,300.

San Diego California real estate home prices bounced back above $500,000 in February, but sales continued to decrease as rising interest rates put pressure on buyers stretching to get into their first home. With a current buyers market and still low interest rates buyers have the upper hand and power to negotiate a good sales price on a home in San Diego.

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Article written by Century 21 San Diego Realtor Giovanni Gastelum

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