Fall is already here, and the real estate market continues to hold steady. Last month, August sales prices set a new all-time record for Oceanside detached homes.
The number of days on market in North County is still low. Most homes sell within two weeks of listing in the MLS.
But what about interest rates? The good news is that the Federal Reserve dropped the federal funds rate by .5% last week. However, that doesn’t mean mortgage interest rates responded right away. Rates for 30-year fixed loans still hover between 6 and 7%.
Of course, we’re all hoping for a decrease in rates. Homeowners who want to sell, will have more buyers who qualify for the payment. Home buyers will enjoy more buying power. And, finally, people who recently bought a home can refinance to lower their monthly payment.
Carlsbad – $1,800,000
All-time high: $1,930,000 – April 2022
Encinitas/Cardiff-by-the-Sea – $1,985,000
All-time high: $3,100,000 – September 2023
San Marcos – $1,055,000
All-time high: $1,275,000 – June 2024
Vista – $925,000
All-time high: $985,000 – March 2024
Oceanside – NEW RECORD – $1,017,000
Last record: $1,002,500 – May 2024
Escondido – $845,000
Last all-time high: $1,040,000 – June 2024
Interest Rates
Rates haven’t dropped significantly, but they also haven’t increased since last month. The continue to hover around 6.5%. More than ever, your credit score makes a huge difference. If you’re considering buying or refinancing, start with a credit check, to make sure you can secure the best rate possible.
If you own a home, it’s probably worth more than you think. Contact me for a free personalized home valuation, or if you have any other real estate questions. I would love to hear from you!