Tag Archives: today’s interest rates

North County and San Diego Housing Markets May 2023

North County and San Diego Housing Markets May 2023, Pam Fraser, chart of North San Diego County housing sales statistics from April 2023

It’s been a year since we saw home prices reach their peak in the North County and San Diego housing markets. If you look at annual statistics, you’ll see that home prices have dropped compared to the same time last year. But that’s not the whole picture. Prices have actually been climbing since they hit a low point last winter. And not only are we seeing prices climb, homes are also selling more quickly with many sellers receiving multiple offers and a very high percentage of their asking prices.

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North County and San Diego Housing Markets April 2023

North County and San Diego Housing Markets April 2023 Pam Fraser chart of North San Diego County housing sales statistics from March 2023

The North County and San Diego housing markets saw year-over prices drop in March, but it’s still a sellers’ market. What’s causing this dichotomy in the market? — interest rates and inventory. Higher mortgage rates have slowed the housing market down and put pressure on home prices, but inventory levels are still very low. This is causing a supply shortage for home buyers.

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North County and San Diego Housing Markets March 2023

North County and San Diego Housing Markets March 2023 Pam Fraser chart of North San Diego County housing sales statistics from February 2023

The North County and San Diego housing markets are continuing to follow January’s trends with slower activity overall, but also a strengthening of sales to list price ratios and fewer available homes for sale. It’s not all roses for home sellers though. Compared to last April’s peak, the median sales price has dropped by almost $100,000 in North County and by slightly over $100,000 in San Diego County as a whole. And rather than selling in just a couple weeks, homes are now taking about 40 days to sell.

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North County and San Diego Housing Markets February 2023

North County and San Diego Housing Markets February 2023 Pam Fraser chart of North San Diego County housing sales statistics from January 2023

The North County and San Diego housing markets showed more strength in January than they had in November and December. This was probably due to both lower mortgage rates and normal seasonal trends. The month-over median price ticked up slightly, inventory remained tight, and sales-to-list price improved. Despite those gains, homes did take longer to sell.

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North County and San Diego Housing Markets January 2023

North County and San Diego Housing Markets January 2023 chart of North San Diego County housing sales statistics from December 2022 Pam Fraser

For the first time in quite a while, median home prices in the San Diego housing market did not see a year-over gain. Home prices have been slipping since they peaked last April, and we may see them fall farther.

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North County and San Diego Housing Markets November 2022

North County and San Diego Housing Markets November 2022 Chart of North San Diego County home sales statistics for October, 2022 Pam Fraser

Inflation and higher mortgage rates continue to keep downward pressure on the North County and San Diego housing markets. But tight inventory is holding that in check.

The good news is that today’s consumer price index showed October’s inflation numbers lower than expected at 7.7 percent. That caused mortgage rates to drop by a whopping 60 basis points from 7.22 percent to 6.62 percent. Continue reading North County and San Diego Housing Markets November 2022

North County and San Diego Housing Markets October 2022

North County and San Diego Housing Markets October 2022 chart showing North San Diego County housing market statistics for September 2022 by Pam Fraser

North County and San Diego housing markets continue to slow due to pressure from rising interest rates. It’s not all doom and gloom though. Countywide, the median price rose by 7.6 percent year-over in September. Inventory is still very low, sitting below two months, and the average time for a home to sell is just one month.

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North County and San Diego Housing Markets September 2022

North County and San Diego Housing Markets September 2022 chart showing North San Diego County housing market statistics for August 2022 by Pam Fraser

North County and San Diego housing markets continue to see month-over drops in prices, longer market times and lower selling verses asking prices. But what we are no longer seeing is an increase in inventory.

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North County and San Diego Housing Markets August 2022

North County and San Diego Housing Markets August 2022 Pam Fraser chart of North San Diego County home prices and market statistics

North County and San Diego housing markets are continuing to slow, but at this point, we’re just moving toward a more balanced market. The median and average sales prices have been dropping since April, but are still showing strong year-over gains. Inventory has also not yet hit pre-pandemic levels, and homes are selling faster than they were in 2019.

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North County and San Diego Housing Markets July 2022

North County and San Diego Housing Markets July 2022 North County Market Snapshot for June 2022 Pam Fraser

The North County and San Diego County housing markets are slowing. Since April, we’ve seen an increase in supply with fewer pending and sold homes. Market times have increased, but only slightly. And although homes still sold over asking price in June, those numbers also dropped.

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