We are continuing to see tight inventory and short market times in North County and San Diego real estate markets this July. Bidding wars are commonplace. But experts predict a slowing market in months to come. CoreLogic’s Home Price Insights report forecasts a year-over decline of 6.6 percent in home prices nationally. Though in San Diego, they estimate that drop to only be 1.3 percent.
Although prices are expected to soften slightly, it’s doubtful we will see many foreclosures due to COVID-19. This market is very different than it was during the Great Recession. Inventory is scarce. Homeowners have equity, and mortgage delinquency rates in San Diego County are very low compared to the rest of the country. The San Diego Union Tribune recently published a good explanation of why large numbers of foreclosures are probably not in our future.
North County and San Diego Real Estate July 2020
Of all the markets within the county, North County is the only one that saw a year-over decrease in prices with the median sales price dropping 2.5 percent. Countywide, year-over prices were up 2.4 percent. Inventory dropped by almost 50 percent in both markets, and pending sales were up over 20 percent compared to the previous year.
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
- 2019 NORTH COUNTY MARKET REPORT
North County Summary
- The median price for all North County home sales decreased 2.5 percent in June 2020 compared to June 2019.
- Detached homes saw a median price decrease of 3.9 percent in North County, moving from $760,000 in June 2019 to $730,000 in June 2020.
- The number of sold units in North San Diego County decreased 0.6 percent compared to the previous June. Pending sales increased 25.1 percent in the same period.
- Median days on market for North San Diego County properties was 29. This is a 9.4 percent decrease from the previous June.
- Inventory supply in North San Diego County dropped from 3.2 months in June 2019 to 1.7 months.
Full County Summary
- The median price for all San Diego County home sales in June 2020 was $614,500. This is an 2.4 percent increase compared to June 2019.
- Detached homes saw a median price increase of 2.5 percent in San Diego County, moving from $670,000 in June 2019 to $687,000 in June 2020.
- Attached homes in San Diego County had a 3.0 percent median price increase compared to the previous year. They moved up to $452,990 in June 2020.
- Inventory supply countywide in June 2020 decreased from 2.8 months a year earlier to 1.5 months.