The July 2018 North County and San Diego Real Estate Market Report shows inventory increasing for a third month in a row while sales continue to drop. Even with this slight growth in inventory, the market is still very competitive for home buyers. Prices continue to rise, and market times are short. Experts predict that demand will continue to outpace supply, and this will hurt San Diego County’s economic growth.
Real Estate Report
North County’s year-over median price grew by 7.2 percent while the county as a whole saw a 6.4 percent increase. Pending and closed sales continued to decrease in both markets. While this was previously blamed on a shortage of homes to purchase, analysts are now citing declining affordability as an additional cause.
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 7.2 percent in June 2018 compared to June 2017.
• Detached homes saw a median price increase of 4.8 percent in North County, moving from $696,500 in June 2017 to $730,000 in June 2018.
• The number of sold units in North San Diego County decreased 18.5 percent compared to the previous June. Pending sales decreased 1.9 percent in the same period.
• Median days on market for North San Diego County properties was 26. This is a 3.7 percent decrease compared to the previous June.
• Inventory supply in North San Diego County grew from 2.2 months in June 2017 to 2.5 months.
Full County Summary
• The median price for all San Diego County home sales in June 2018 was $585,000. This is a 6.4 percent increase compared to June 2017.
• Detached homes saw a median price increase of 6.5 percent in San Diego County, moving from $615,000 in June 2017 to $655,000 in June 2018.
• Attached homes in San Diego County had a 3.6 percent median price increase compared to the previous year. They moved up to $425,000 in June 2018.
• Inventory supply countywide in June 2018 increased from 2.1 months a year earlier to 2.3 months.