Rising Interest Rates Impacting the Market | September 2022 San Clemente Housing Market Update
Here’s a quick overview of the seven key statistics that highlight exactly what’s happening in our San Clemente housing market.
1. Demand (00:38)
Demand is down 1% from last month.
2. Active Listings (00:58)
As of September 29th, there are 112 active listings, with 14 new listings and an additional three homes back on the market over the last seven days.
3. Price Reductions (01:53)
Out of the 112 active listings, there have been 13 price reductions over the last seven days.
4. Mortgage Rates (02:54)
In August, my lender was quoting 4.625% for conforming loans and 5.125% for non-conforming loans.
This month, my lender is quoting 6.625% for conforming loans and 6.375% for non-conforming loans.
5. Closed Sales (03:54)
September (as of 09/29): 50
6. Expected Market Time (04:38)
$1m to $2m - 67 days, a Slight Seller’s Market
$2m to $4m - 91 days, a Balanced Market
7. Market Season (05:39)
Traditionally in the autumn market, we notice that things slow down, and shopping for a home becomes less of a priority with the holidays just around the corner.
The number of listings and escrows typically drops during this time, but it will be interesting to watch how the market responds to continued low inventory.
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As always, if you have any questions about the market and the your options as a buyer or seller, drop a comment below or shoot me a text at (949) 620-6206.