The market slowed down in July with fewer pending and closed sales compared to June. But because there were also fewer new listings, inventory stayed at a very low 2.4 months’ supply countywide.
Real Estate Report
This low inventory continues to keep pressure on home prices in San Diego and North San Diego County. A lack of resale homes, rising prices and a dearth of middle- and low- income building is causing a housing crisis for both buyers and renters. It is hitting the middle class especially hard.
KPBS™ interviewed Matt Adams, vice president of San Diego’s Building Industry Association. He says new housing is creating an “hourglass” market by building more homes for people at the top and bottom of the economic ladder, but few for people in the middle.
Interest Rates
Market Updates
Click on the links below to read the full housing statistics reports.
- NORTH COUNTY MONTHLY INDICATORS
- METRO SAN DIEGO COUNTY MARKET UPDATE
- EAST SAN DIEGO COUNTY MARKET UPDATE
- SOUTH SAN DIEGO COUNTY MARKET UPDATE
- SAN DIEGO COUNTY MONTHLY INDICATORS
North County Summary
• The median price for all North County home sales increased 2.6 percent in July 2016, compared to July 2015.
• Detached homes saw a median price increase of 2.7 percent in North County, moving from $620,000 in July 2015 to $636,750 in July 2016.
• The number of sold units in North San Diego County decreased 20.6 percent compared to the previous July. Pending sales rose 5.8 percent in the same period.
• Median days on market for North San Diego County properties was 30. This is a 16.7 percent decrease compared to the previous July.
• Inventory supply in North San Diego County dropped to 2.7 months from 3.1 months in July 2015.
Full County Summary
• The median price for all San Diego County home sales in July 2016 was $505,000. This is a 6.3 percent increase compared to July 2015.
• Detached homes saw a median price increase of 2.9 percent in San Diego County, moving from $549,000 in July 2015 to $565,000 in July 2016.
• Attached homes in San Diego County had a 12.2 percent median price increase compared to the previous July. They moved up to $381,000 in July 2016.
• Inventory supply countywide dropped to 2.4 months’ in July 2016 compared to 2.9 months’ a year earlier.