The August North County and San Diego real estate markets showed strong, year-over median price increases last month. Pent up buyer demand, historically low interest rates and continued inventory shortages are all keeping pressure on home prices, despite the impact of COVID-19.
Those low interest rates are also motivating homeowners to refinance. If you have already refinanced your home, you are lucky to have missed the 0.5 percent “adverse market fee” on all refinances that was just announced by the Federal Housing Finance Agency (FHFA). Freddie Mac said this new fee is going into effect as of September 1 “as a result of risk management and loss forecasting precipitated by COVID-19 related economic and market uncertainty.” If you’d like more information about this new refinance fee, please contact me.
North County and San Diego Real Estate August 2020
Year-over, median prices were up 10.3 percent countywide and 11.1 percent in North County. Inventory dropped by about one-half compared to the previous year, and market times were shorter. The number of new listings dropped while pending sales increased in both markets.
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 increased 11.1 percent in July 2020 compared to July 2019.
- Detached homes saw a median price increase of 9.7 percent in North County, moving from $720,000 in July 2019 to $790,000 in July 2020.
- The number of sold units in North San Diego County increased 7.9 percent compared to the previous July. Pending sales increased 25.3 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 July.
- Inventory supply in North San Diego County dropped from 3.0 months in July 2019 to 1.5 months.
Full County Summary
- The median price for all San Diego County home sales in July 2020 was $645,000. This is an 10.3 percent increase compared to July 2019.
- Detached homes saw a median price increase of 11.5 percent in San Diego County, moving from $655,000 in July 2019 to $730,000 in July 2020.
- Attached homes in San Diego County had a 7.4 percent median price increase compared to the previous year. They moved up to $467,000 in July 2020.
- Inventory supply countywide in July 2020 decreased from 2.7 months a year earlier to 1.5 months.