Realtor.com sees slight declines in home prices and increased time on market creating a buying opportunity in the fall, but San Diego remains one of the tightest markets nationwide.
“The spring and summer home-buying seasons were especially tough on potential buyers this year with increasing prices and limited supply,” said Jonathan Smoke, chief economist for the official website of the National Association of Realtors. “Buyers who are open to a fall or winter purchase should find some relief with lower prices and less competition from other buyers.”
Smoke said the national median home price decreased 1 percent in September, and median time on the market nationwide stands at 80 days, up 6.7 percent from August
That may not make much difference in San Diego, however, because its the fifth hottest market in the country based on views per listing on Realtor.com and time on market.
Here is Realtor.com’s ranking of the five “hottest” metro markets:
- San Francisco
- Dallas-Ft. Worth
- Denver
- Vallejo-Fairfield, CA
- San Diego
“Sellers across all these markets continue to see listings move much more quickly than the rest of the country in September, and the seasonal slow-down is not as strong in these markets,” Smoke said.
Realtor.com noted that the California market has had “extremely tight supply all year, so frustrated buyers who have not been able to find a home so far remain active, supporting continued strength in sales across much of Northern and Southern California.”
