The National Association of Realtors reports that median home prices saw their biggest increase in seven years, and that includes real estate in Encinitas. Nationally, median sales prices were up 10%, and in the San Diego metro area (which includes real estate in Encinitas) the fourth-quarter of 2012 saw a 13% year-over-year change.
The 10% jump in median sales price for the fourth-quarter was the strongest annual price increase since the fourth-quarter of 2005. Nationally, median sales price is sitting at an average of $178,900. Comparatively, median sales price on homes for sale in Encinitas are at roughly $405,400.
The majority of price jumps occurred in metro areas in the West such as the San-Francisco-Oakland-Fremont and San Jose-Sunnyvale-Santa Clara metro areas in California, which saw year-over-year increases of nearly 34%.
The increase in median price on homes around the country is no doubt in large part due to for-sale inventory reaching its lowest level in 12 years. Other factors contributing to these conditions include pent-up demand, job creation, favorable affordability conditions, and rising rents according to a spokesman for the NAR.
The NAR’s housing affordability index reached 193.5 in 2012, which means that a median-income family making $61,481 has nearly double the income needed to buy a home at the median sales price of $176,900.
If you are looking for a home in Encinitas, choose an Encinitas Realtor to help you make the most of these advantageous market conditions. Call me today at (760) 310-0234.