June Market Update
It’s June! Summer is almost here and we are ready for the beaches, barbecues and all the wonderful summertime fun. It’s time for the San Diego Symphony at the Embarcadero and Summer Nights at Balboa Park and San Diego Zoo. Then there’s the usual hiking, biking, sailing, fishing – the list goes on and on. San Diego continues to be a favorite summer destination because of the variety of activities offered so, get ready for family, friends and tourists!
We are also almost at the end of the 2nd quarter of 2018. Here’s a quick peek at the economy and housing markets:
- 1st Quarter economic growth was solid at 2.2%, but slightly lower than expected. This could push rates higher.
- Mortgage rates improved as U.S. bonds welcomed overseas investors worried about political turmoil in Europe – especially in Italy
- Consumer spending increased in April. A strong labor market and rising inflation will most likely result in a rate increase when the Feds meet in June
- March home prices were unchanged from February, according to Case-Schiller. As rates creep up, home price gains will slow down.
- However, home values rose 6.5% over last year on a national level. This puts home prices at 7.8% over the peak in 2006!
- Pending sales fell 1.3% in April compared to March. But, most economists attribute this to lack of inventory and not rising mortgage rates.
No matter the season or the reason, if you are thinking of Buying or Selling ~ give us a call!
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