Market Update: Expect Busier Months Ahead

The housing market remains strong this fall, and it’s poised to remain that way for the rest of the year, notes Jonathan Smoke, realtor.com®’s chief economist. Still, the economy and housing inventory woes may present some challenges in the months ahead.

Total home sales for this year through September have increased 4 percent compared to the same time period in 2015. Existing-home sales are up 3 percent, and new-home sales have surged 13 percent.

“The new-home market is gaining momentum as the existing-home market struggles with very low levels of inventory,” Smoke says. “As a result, new homes represent 10 percent of home sales now; a year ago, they represented only 8 percent.”

Persistent tight supply of housing in many markets has led to stronger-than-normal price appreciation, Smoke notes. Existing-home prices rose a median of 6 percent over last year in September.

“The housing market outperformed the U.S. economy in the first half of the year, as growth in sales and prices was stronger than the growth in GDP,” Smoke writes. “Housing outperformed because of ample demand from buyers who haven’t yet been successful — buyers who just happen to be from the two largest generations in American history.”

Millennials and baby boomers are reaching turning points in their lives. Millennials are getting married and starting families while baby boomers are looking toward retirement. Older millennials – aged 25 to 34 – are representing the largest buying age demographic in the housing market currently, according to the National Association of REALTORS®’ 2016 Profile of Home Buyers and Sellers report.

“A stronger consumer outlook on top of historically high numbers of people turning 30 as well as 65 will provide the support for continued gains in the months ahead,” Smoke says. “The key challenges will be continuing low levels of available homes for sale combined with navigating marginally higher mortgage rates.”

Source: Jonathan Smoke, Realtor.com

24339 Ysidro Dr Ramona, CA 92065

NEW LISTING! (SOLD!)

4Bed-2.5Bath-1,947 sq. ft.

Priced at $459,900

Gorgeous, move in ready home in private and serene Country Estates situated on large, usable lot! Two decks allow you to enjoy expansive mountain views off master bedroom and living area! Home features vaulted ceilings, plantation shutters, ceiling fans, central AC/heat, custom fireplace, tile flooring and much more! Spacious master on entry level with en-suite bath, walk-in closet! Large backyard is perfect for entertaining and boasts plenty of room for horses, pool, play area, sports court, you decide!

San Diego Country Estates is a great place to live! Enjoy all the amenities including an 18-hole championship golf course, an international equestrian center, a western equestrian center, a clubhouse with restaurant/bar, junior Olympic size heated year round swimming pool, four lighted tennis courts, 28 room guest lodge, and an oak shaded park with swimming pool and family picnic facilities!

24339-ysidro-dr-ramona-ca-mls_size-003-19-front-of-home-1280x960-72dpi

24339-ysidro-dr-ramona-ca-mls_size-008-18-living-room-1280x960-72dpi

24339-ysidro-dr-ramona-ca-mls_size-012-14-kitchen-1280x960-72dpi

24339-ysidro-dr-ramona-ca-mls_size-025-35-deck-1280x960-72dpi

24339-ysidro-dr-ramona-ca-mls_size-035-34-back-of-house-1280x960-72dpi

13243 Waltham Ave Poway, CA 92064

NEW LISTING! (SOLD!)

3Bed-2Bath-1,272 sq. ft.

Priced at $498,000-$529,000

Bring offers! VRM $498K-$529K! Beautiful Poway home tucked away on end of a quiet cul-de-sac. Mature trees provide privacy and the long driveway allows for plenty of parking. Situated on a massive lot with custom built patio cover that creates large outdoor living space perfect for entertaining. Inside find slate floors, granite counter tops, and spacious open concept living area along with efficient dual pane windows. Close to shopping, dining, parks, award winning Poway Schools.

160058663

160058663-5

160058663-3

160058663-8

160058663-9

13973 Ipava Dr Poway, CA 92064

NEW LISTING! (SOLD!)

4Bed-2Bath-1,458 sq. ft.

Priced at $749,900

Beautiful Poway pool home on rarely available 1 Acre lot w/ tons of potential! Property zoned for horses & boasts multiple fruit trees, 7 enclosed garage spaces for all your toys, private back access to property & ample remaining space for all your great ideas! Home is move-in ready, new roof, new heat & A/C, new dual pane windows, doors, new carpet, paint, new dishwasher & more! Located in prestigious Poway Unified School District, close to shopping dining & beautiful Old Poway Park. Don’t miss this one!

13973-ipava-dr-poway-ca-92064-small-001-15-13973-ipava-666x444-72dpi

13973-ipava-dr-poway-ca-92064-small-028-40-13973-ipava-666x444-72dpi

13973-ipava-dr-poway-ca-92064-small-031-32-13973-ipava-666x444-72dpi

13973-ipava-dr-poway-ca-92064-small-036-30-13973-ipava-666x444-72dpi