Countywide, August saw an upturn in pending and closed sales over the previous month. There was no change in the median sales price compared to July, but a 7.4 percent increase over the previous year. Inventory is staying tight with a scant 2.3 months’ supply of housing on the market.
Real Estate Report
The San Diego Union-Tribune reported that these price gains are among the highest in the state. Although there are some people starting to fear a real estate bubble, many economists, including realtor.com®’s Jonathan Smoke, don’t think we are looking “bubblicious.” San Diego did not make their list of markets showing signs of overheating.
Although we may not be heading for a bubble, if price appreciation grows more quickly than incomes, or if interest rates increase significantly, we will see a normal, cyclical slowdown in the market. Most economists don’t think the Feds will increase interest rates when they meet later this month, but there have been some indications they just might.
See below for this month’s statistics and daily interest rate updates.
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 5.7 percent in August 2016 compared to August 2015.
• Detached homes saw a median price increase of 5.8 percent in North County, moving from $600,000 in August 2015 to $635,000 in August 2016.
• The number of sold units in North San Diego County decreased 3 percent compared to the previous August. Pending sales rose 19.5 percent in the same period.
• Median days on market for North San Diego County properties was 30. This is a 14.3 percent decrease compared to the previous August.
• Inventory supply in North San Diego County dropped to 2.6 months from 3.0 months in August 2015.
Full County Summary
• The median price for all San Diego County home sales in August 2016 was $505,000. This is a 7.4 percent increase compared to August 2015.
• Detached homes saw a median price increase of 6.0 percent in San Diego County, moving from $535,000 in August 2015 to $567,000 in August 2016.
• Attached homes in San Diego County had an 8.1 percent median price increase compared to the previous year. They moved up to $375,000 in August 2016.
• Inventory supply countywide dropped to 2.3 months’ in August 2016 compared to 2.8 months’ a year earlier.